Thursday, November 10, 2011

Inheritance


Dear Colleague,

Greetings!

A client is 80 yrs old with substantive investments in Mutual Funds and Stocks.
Most are in single holding with wife as nominee.
How ensure transfer of these assets to their children after the demise of both husband and wife.!.Foolproof in law!
Grateful if some one could advise me.

Thanks n Regards,
Joy Koruthu
ARN 12252

21 comments:

Anonymous said...

From

Tushar Shah tushar259@yahoo.co.in

Hi,
If stocks are in demat form , open a new demat a/c in joint names of husband and wife , make children nominees in this a/c .

Then transfer all stock from single holding to joint demat a/c. For further clarity do write

Tushar

Anonymous said...

From

Segaran Devakumar dsegaran@gmail.com

Dear Koruthu

Only solution to transfer MF Stocks is to get 'succession certificate' thru High Court , ORIGINAL SIDE.

Regards

Segaran

Advocate - Madras High Court

98400 30161

Anonymous said...

From

Kalyanaraman kalyans3@gmail.com

Leave a will and register

Anonymous said...

From

Krishna Reddy reddykrishn@gmail.com

Dear joy a will may be prepared accordingly, and see that it is recorded at MF office.Advocate will be able to guide him better.

Anonymous said...

From

Padma devan mahas_devan@yahoo.com

80 YEAR SENIOR PERSON CAN MAKE A WILL FOR HIS ASSETS AND PEDANT THE SAME. BUT AS FOR AS MUTUAL FUND INVESTS ITS BETTER THAT HE CHANGES THE NOMINEE OR ASK TO GO FOR REDEMPTION.

Anonymous said...

From

Gopalakrishnan Ambalapatta

unny_kozhikode@hotmail.com

Execute a fullproof WILL specifying the percentage of share allotted to each children. The F.No: of MF holdings should be specified in the Will.

Regards

Sugatha G Nair
ARN 11578

Anonymous said...

You can make a Will. That is one way.

From

anil salvi anilgsalvi@yahoo.com

Anonymous said...

best way out is to have a WILL and register it.

kanak jain
kolkata

From

Kanak Kr Jain kanak@asksuskan.com

Anonymous said...

From

gadiyar sp gadiyarsp@gmail.com

Dear Joy

Greetings !

The client should be asked to make a will. The will should ideally be witnessed by family doctor and banker.
It will take care of all legalities.

warm regards

Shreeniwas Gadiyar (Abhay)
ARN- 56618

Anonymous said...

From

rajesh sarawgi rajeshsarawgi@gmail.com

Dear Joy,

Does the couple want the assets to be transfered to his chilren or to trust ?

Please clarify.

Regards

Anonymous said...

From

BIMAL KUMAR AGARWAL bgksons@hotmail.com

DURING THEIR LIFETIME THEY MUST PREPARE 'REGD. WILL'

Anonymous said...

From

ravendra kumar kumar.revendra@gmail.com

Dear sir,

It is possible to get court succession letter for legal heir

Anonymous said...

From

Venkatasubramanian Pasupathi pvsgza@yahoo.co.in

Sir, If the investor dies, the redemption will take place in favour of his wife who is nominee. After that the nominee becomes the investor as long as he lives and she can nominate one his children or all.. Thereafter the Death Certificate of the lady and Legal Heirship Certificate obtained from Revenue Department will speak for distribution of the assets among the legal heirs though one of them may be nominee instead of all. In case the if the lady nominated all of her children as nominee and all the nominees should sign for redemption to realise the assets.

Anonymous said...

From

nagaraj.b . nagaraj.b@sify.com

If the old man dies first, the investment will go to nominee. She can inherit and appoint a fresh nominee.

If she dies without naming a nominee . since it is a inherited wealth, .legal heirs will have to file claim in order of their merit. and class..

If they are Hindus, Hindu Succession Act will apply.

Boodugere Nagaraj -- ARN 5746

Anonymous said...

From

grpillai . grpillai@sify.com

Dear Joy,

You can very well advice them to add their children to be nominated and on demise of the holder assets can be transmitted to wife and she can nominate as she like. If she pre-demise then also the same way children who are entitled through nomination can have theownership transmitted in their respective names. Comment.

Anonymous said...

From

SATISH KUMAR satishtk9@gmail.com

Why dont you consult our chartered accountant for the same and other
side you can write a will.

Anonymous said...

From

shyam subramanyam shyam62@yahoo.co.uk

Let us say he has 2 sons (S1 and S2) and one daughter(D) and he wants to give it to them,

he should open 3 demat accounts with the holding as follows:

Self, Wife (nominee S1)

Self, wife (nominee S2)

Self, wife (nominee D1)

this will ensure that he and his wife control the money till their death and then it goes to the respective nominees.

In case of mutual funds he should redeem all his holdings (subject to Income Tax) - and create holdings in the same order. Needless to say all of them will have to be kyc compliant before this is done.

to be doubly sure he should write this in a will - get it witnessed by a doctor and preferably a CA and register it.

this looks watertight.



Make it a great day!
If it is to be, it is upto me!

Shyam Subramanyam
We make smart people richer!

Anonymous said...

From

sanjeev kumar sanjeevk205@gmail.com

I think it is better to hold the holding the overall holding of mutual
fund & stock holding in joint form or either or survivor form holding

Anonymous said...

From

Saikat Sen saikat.ranchi@gmail.com

Dear Sir,

The easiest way is to include the 2nd nominee in the folio who will inherit the investment after the death of the Investor and 1st nominee.

Other wise after the death of the Investor and nominee the claimant has to obtain legal hire certificate from the local authority and on basis of the same they can inherit the investments.

Regards

Anonymous said...

From

Sanjay Tiwari sanjay60001@gmail.com

Dear Joy,

The Nominee laws are different in Mutual funds and Stocks.

To my knowledge, in Mutual funds the Nominee [ Could be Major ] is only a custodian and not an absolute owner. But in Stocks, the Nominee is the Owner.

Apart from appointing a Nominee, The most full-proof method is to write a will with all the Investment details and register the will.

The cost of registering a will very nominal, could be few thousand rupees only.

I am also attaching a draft of a Will.

hope the Info is helpful.

All the best . .

Anonymous said...

From

K.M.G. Vivekanandam ayilone@hotmail.com

Dear Joy Koruthu,
When the man dies, his wife inherits the right to the mutual funds, since she is the nominee. Did you mean to say, both died at the same time? If that is so, their children should get 'Legal heir certificate' from local Tashildar. Then, they should nominate one among themselves, by way of an authorisation letter, to receive the proceeds of the mutual funds/shares. That is the way to go...
Sincerely,
Vivekanandam.