Help Needed: - Mutual Fund Transfer in Case of Death of primary and Nominee.

[elexaditya]

Hi All,

My parents recently passed away due to an Accident and while i was surfing through their belongings i discovered some Mutual funds in name of mom and dad. But when i inquire how can i transfer them to my name, i came to know that mom has made Dad as Nominee and dad has made mom as Nominee. Now i am not able to transfer them to my name(Me and my sister).

Please guide me what is suitable path forward.

 

[Smart_trade]

Hi All,

My parents recently passed away due to an Accident and while i was surfing through their belongings i discovered some Mutual funds in name of mom and dad. But when i inquire how can i transfer them to my name, i came to know that mom has made Dad as Nominee and dad has made mom as Nominee. Now i am not able to transfer them to my name(Me and my sister).

Please guide me what is suitable path forward.

Very sorry to hear about sad demise of your Mom and Dad in an accident. May their souls rest in peace.

If your mom/dad had done any will then you can try to get the mutual funds transferred to the beneficiary mentioned in the will. In absence of the will , you have to get Succession Certificate from local civil court and then get the mutual funds transferred to legal heir/successor. This is a process involving time of 3-4 months and expense of min 10,000 to 15,000 in the form of court fees stamps and lawyers fees....if the fund amount is more than this then it is worth taking the efforts.

Smart_trade

 

[adg123]

Thats true, legal heir/ succession certificate is must.