Is a will required if nomination exists for financial assets?
If a nomination has been registered for financial assets such as a Demat account, mutual fund folios, and a bank account, is a will still require? There is a single successor and no ambiguity or dispute. Will the depository/bank transmit the assets based on the nomination alone, or will they require a will?
Yes, if you have added a nominee, banks and other institutions will transfer the money or assets to that person after your death. A will is not needed for this. But a nominee only holds the assets, they are not the true owner. A simple will is still a good idea to clearly show who should get what. For further legal assistance contact us on our helpline number.
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