Hi sir, I have been investing in mutual funds from d past 3yrs. In all my investments I have mentioned my wife as nominee. Do this step sufficient for her to get ownership or can she own d money in my absence or do I need to prepare any specific WILL for that?
Actually when should one has to write WILL. Till when it holds its authenticity. Pl educate us on d WILL. thank u.
Kasudheer-Your wife is the first legal heir for your all assets. So nomination is enough. Do remember that nominee can just act as a trustee but not claim ownership of the asset. However, in your case wife is nominee who is the first legal heir. So it is enough. WILL is required when there is a complication of to whom you want to assign the assets (as against the rules of succession act). In my view, for your MF investments nomination is enough.
Thanks a lot sir.