How to pass on wealth to our heirs using nominations
Writing and Enrolling Will is the Best Choice
The best way to convey a person’s wealth after death is to write and register Will for the people who want to get the plantation.
Also has a joint account
However, in addition to writing and registering Will, there is another way to convey riches with no hassles is to have an account with people you want to convey their wealth (ie, someone’s spouse). Joint accounts are more troublesome than Will.
At the time of the person’s death, the real estate automatically transfers to an existing account holder with a minimum of paper work. Operating instructions in joint accounts should be referred to as ‘Either or Survivor’. By making a copy of the death certificate, the remaining account holders will be the sole account holder.
If a person does not allow the combined account to operate the account along with him during his lifetime, he may simply change the operating order to ‘Former or Survivor’ and he will operate the account for a long time and only after the death of another account holder can access the account.
Nominations Help Further
The nomination facilities at the bank and elsewhere help further in conveying one’s wealth to the desired person. If so, the person may not open a merged account, but appoint the person as a candidate in the account. In the case of his death, the candidate must provide the identity and proof of address along with the death certificate from the account holder of the deceased to get the account transferred in his name. How to pass on wealth to our heirs using nominations
Nominations also help when a person has an account with his partner, and he feels that it may happen at their death at the same time (accident or illness), in that it has a candidate they want to pass on wealth, he can be nominated and at death happens the person becomes the owner of wealth.
However, we must be careful to see that the person’s name as the beneficiary will be in accordance with the nominee. If the person is different in the will and in the nomination, the beneficiary in the Will, will not receive the wealth in the account, he will come to the candidate, even though the beneficiary is entitled to receive it.
Then the beneficiary needs to legally claim it and get it from the candidate. To avoid making a beneficiary in a will as a candidate. It then becomes easy for the beneficiary to transmit the asset in its name.
Please Review the Will / Account / Fate /
People when they are young and unmarried and have no children, they often have joint accounts with father / mother / brother / sister and can also nominate them in accounts with banks and other investments such as LIC policy / funds / policies / mutual funds etc. Sometimes they also make wills where some or from them are beneficiaries. Once a person is married and has children, they should review those names in joint accounts / nominations and their wishes from time to time and make appropriate changes as and when necessary.
This will prevent the following situations from happening …
“I am Sapna and I have a big problem My husband before our marriage has written a WILL stating that all wealth will be given to his sister after his death.After marriage he thought to change the will, but by the time he can do it he died by accident His sister has claimed all the treasures and balance of our bank therefore WILL.What can I do? “Actually, the woman can not do anything … her husband is lazy and does not know anything about these things and now he will pay the mistake! How to pass on wealth to our heirs using nominations
A person must have a joint account, as the first account holder, with the person he wants to convey his wealth after his death … Anyhow, the possibility of nominating someone, to whom you want your money should pursue death …
Review past Wills, names of people who invest and nominate to update them with your changing times and preferences to convey your wealth after your death.