Saving Account Nominee: In today's time, everyone wants to keep their assets and cash safe. Every person wants that their earned money or property should be given to their loved ones or children. Many times it happens that we forget many small things that are also important to do at the same time. Most of us do not make a nominee for our savings account and later your loved ones have to go to the bank branch, get legal help and get emotional trouble to get the money. Let us know why it is important to make a nominee in a bank account.
Why is it important to make a nominee?
To make your investment safe, it is important to nominate. So that, after you die, your money can be useful for you and your children. If you do not do this, your loved ones may have to make rounds of banks to get money.
Who is the nominee?
A nominee is a person who is chosen to receive money from someone's bank account after their demise. The nominee does not have to be the legal heir of the property. The role of a nominee is that of a trustee of the property if he or she is not the designated legal heir.
role of nominee
The main purpose of making a nominee in a bank account is to transfer or give your money to him in the event of your death. If you do not make a nominee, your loved ones may face these problems.
1) Cost of not making a nominee
Failure to nominate a bank account can lead to legal, financial and emotional problems. When an account holder dies without a nominee, his legal heirs have to go through several legal procedures to gain control over the money in the bank account.
2) Cost increases for legal heirs to get their money
The legal heirs of the nominee have to spend a lot of money to get the money from the bank account. It costs around Rs 8,000 to Rs 12,000 to bring the legal heir certificate, file an affidavit, print notices in daily newspapers. You can eliminate these expenses by making a nominee.
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