POSTED BY January 14, 2013 9:39 am COMMENTS (3)
ONI am planning to make FD on my mothers name and nominee as a myself for long term. Just want to know that can a law overrules the nomination made for that Fixed deposit by the person ? He did not state anything about that amount in his “Will”.
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Dear ainvest, are you asking to receive the money in the name of your own HUF, after the demise of your mother?
Please clarify.
Thanks
Ashal
A nominee is a person who is designated to receive money from a bank or financial institution in the event the account holder dies. Whether HUF or not nomination does not imply ownership of the money.
If X wants the money to go to Y then X must explicitly mention this in his/her will. If this is mentioned then even if Z is the nominee, Z has to receive the money and give to Y if X dies.
If nothing is mentioned in the will Y can contest in court and receive either the full amt or partial amt from Z as the court decides.