Is it enough to appoint nominees for your bank accounts/shares/Mutual Funds/Properties?
Do We still need to make a Will?
Well Lets Understand Who is Nominee first.
“A nominee is a person who is named to receive a property or benefits on behalf of the persons actually entitled to receive such property or benefit under the law. Such a person is named to act as an agent or trustee on behalf of the persons legally entitled to receive the property of the deceased,”.
When you nominate someone for your bank account, insurance policies, or shares held by you, it gives the bank/ insurer/company a convenient way to determine what to do with the balance in your account, the proceeds of your insurance policy and your shares upon your death.
So….Nominee is only care taker of your assets s and actual beneficent will be whose name appear in Will.
So rightly said “Will prevails over a nomination”
It is important to note that a Will is not a substitute for nomination and neither is a nomination a substitute for making a Will. The ideal situation is where the name of the nominee and the beneficiary under the Will to whom you give the property as one and the same person
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