SEBI registered Investment advisor (RIA) with Registration number – INA 000000342.

3 Comments

  • Melani Kanchen Posted August 19, 2011 11:13 am

    This is an eye opening article and a Must read on nomination. I was under the impression that the nominee is the absolute owner in all financial instruments. I don’t know, why our government is not educating the general public regarding these basic issues which will affect everybody. I congratulate websites like Finvin in doing a great job by educating people, which will affect their daily life. Keep up the good work.I am registering today in your website to do a financial planning for me.

  • V G Bhat Posted October 11, 2011 10:57 pm

    As per the Companies Act, nomination supersedes Will.
    What about nominations in
    Shares,
    Mutual Funds,
    PPF,
    EPF,
    Bank Deposits
    Infra Bonds (80 CCF)
    ULIPS

    • admin Posted October 12, 2011 12:28 pm

      Yes.For shares, even if there is a will, the nominee will get the right of the shares.So be careful in nominating the right person in the demat account. In mutual funds, you can have folio wise nominee.In PPF, EPF, Bank Deposit, bonds, ULIPs etc. you can nominate a person, who can receive the money in your absence and give it to the legal heirs.To avoid confusion, make the legal heirs as nominee in a transparent way, which will not lead to litigation among legal heirs.

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