Either or Surviour Joint Account
4 years ago
I have a either or surviour joint account with my father. Whom does the money belongs legally after the death of my father, its belongs to me(Surviour) completely or it belongs to all the legal hiers equally. Could you please clear on this with legal perspective.
Shreyash Mohta
Responded 4 years ago
A.All the legal heirs shall have equal rights.
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A.Dear Sir,
The money of your father will be treated as joint account with you and he may be having 50% of it and it shall be devolved on his legal heirs including you as below.
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Section 8 of Hindu Schedule Act the wife is entitled as follows:
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General rules of succession in the case of males.―The property of a male Hindu dying intestate
shall devolve according to the provisions of this Chapter:―
(a) firstly, upon the heirs, being the relatives specified in class I of the Schedule;
CLASS I
Son; daughter; widow; mother; son of a pre-deceased son; daughter of a pre-deceased son; son of a pre-deceased daughter; daughter of a pre-deceased daughter; widow of a pre-deceased son; son of a pre-deceased son of a pre-deceased son; daughter of a pre-deceased son of a pre-deceased son; widow of a pre-deceased son of a pre-deceased son.
Thanks.
The money of your father will be treated as joint account with you and he may be having 50% of it and it shall be devolved on his legal heirs including you as below.
==============================================================================================
Section 8 of Hindu Schedule Act the wife is entitled as follows:
====================================================================
General rules of succession in the case of males.―The property of a male Hindu dying intestate
shall devolve according to the provisions of this Chapter:―
(a) firstly, upon the heirs, being the relatives specified in class I of the Schedule;
CLASS I
Son; daughter; widow; mother; son of a pre-deceased son; daughter of a pre-deceased son; son of a pre-deceased daughter; daughter of a pre-deceased daughter; widow of a pre-deceased son; son of a pre-deceased son of a pre-deceased son; daughter of a pre-deceased son of a pre-deceased son; widow of a pre-deceased son of a pre-deceased son.
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Anonymous
Replied 4 years ago
Dear Sir,
Thanks for the reply. So it would be like 50 percent of money completely belongs to me and rest of 50 percent money is to be divided between all the legal heirs as per the CLASS I you mentioned, please clarify. Thanks!
Sayaree Ganguly
Responded 4 years ago
A.Dear Client,
If you have a joint account with ‘either or survivor' clause, either of you can operate the account and in the case of the death of one of the depositors, the other can continue or the final balance in the account along with all interests (as applicable at the time of closure) will be paid to the survivor. If there is a nominee for the account, the conditions will be the same and the nominee gets access to the funds on the death of both the account holders.
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If you have a joint account with ‘either or survivor' clause, either of you can operate the account and in the case of the death of one of the depositors, the other can continue or the final balance in the account along with all interests (as applicable at the time of closure) will be paid to the survivor. If there is a nominee for the account, the conditions will be the same and the nominee gets access to the funds on the death of both the account holders.
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Rameshwar Dadhe
Responded 4 years ago
A.After the death of Ur father . All legal hair having equal shares. Including Ur mother's
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