Statutory nominations can reduce disputes

The life insurance kind of 'statutory nomination', which confers final ownership on the nominee, is the need of the hour for all assets

Topics
family assets | Investments | Financial assets

Harsh Roongta 

Harsh Roongta

A friend called Kirit called me up to seek advice on how to get a flat held by his mother transferred to his name. His late father had bought the flat and nominated Kirit’s mother in the Society records. Kirit’s father had left a Will specifying Kirit’s mother as the sole beneficiary of all his assets.

When Kirit’s father expired in the late 1990s, the Society transferred the flat to his mother’s name based on the nomination registered with it. Now, his mother is in her late eighties and lives with Kirit in the same flat. She is not on good terms with ...

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First Published: Sun, June 13 2021. 20:47 IST
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