Business Standard

Monday, December 23, 2024 | 07:42 AM ISTEN Hindi

Notification Icon
userprofile IconSearch

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

Image
Premium

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
Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in