Financial decisions are made very thoughtfully. But many times it happens that some such questions arise in your mind, which you do not know the answer to. The answer to these questions is important because your future planning depends to a large extent on these answers. Experts of ET Wealth have been asked some such important questions.
My brother bought a property in which he made his mother a nominee. He has died and there is no will. Will his wife get a share in the property?
The nominee is just like a caretaker and trustee. If the owner dies, the nominee will have to transfer his property to the legal owner. According to section 10 of the Hindu Succession Act, the property is divided among all legal heirs after the death of the owner and includes widows and equal rights. If the owner leaves the widow and the linen decedent behind, the widow has one third of the property. If Linel is not a dependent, but someone is close, he is also entitled. The mother will also own half of that property.
Recently my brother died and he has no children. He has nominated parents in mutual funds and EPF. Is his widowed wife entitled to this?
Nominees are only care takers and do not directly constitute legal rights. Parents are also entitled to whatever they get from EPF. If the owner dies without a will in the mutual fund, then it will not pass only to the nominee. The amount of MF entitles all legal heirs. A widow can also claim an investment.
A few years ago my father bought a flat in my and brother's name. After the father's death, I got the paper in my name by paying money to my brother. The housing society has also issued a share certificate in my name. I live in this flat with my family and I have two daughters. They own 50 per cent of the rights of ancestors. Can I give 50% of my share to any one daughter?
If the deed is legally issued and it is registered under section 17 of the Registration Act 1908, you are the rightful owner of the property. This is your personal property and you are free to give your share to anyone.
