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November 01, 2023
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Is Designating A Nominee For Your Investments Sufficient?

What Do We Need To Appoint Nominees For?

Financial Assets

  • DEMAT Accounts
  • Fixed Deposits (FD)
  • Mutual Funds (MF)
  • Bank Accounts etc.

What Is The Role Of A Nominee?

What we think -->>

Nominating someone as a nominee does not automatically confer legal heir status or ownership of one's assets.

But what actually happens ?

A nominee serves as a custodian of assets, responsible for the temporary care of the funds or assets, but they do not hold the legal status of an heir who ensures the proper transfer of these assets to their designated owner.

So, Why Should One Even Appoint A Nominee ?

  • Enhances the efficiency of asset transfers while ensuring their security.
  • Minimizes procedural delays for a smoother transfer experience.
  • Mitigates administrative complexities to streamline the overall transfer process.

Need Of A Well Drafted Will

  • A will serves as a legal instrument detailing the desired allocation of an individual's assets following their demise.
  • In addition to asset distribution, a will enables the selection of an executor responsible for overseeing the fulfillment of the deceased's wishes.
  • Integrating the nomination process with a meticulously crafted will provides individuals with assurance, ensuring that their assets will be administered and distributed in accordance with their intentions.