Monday, November 4, 2013

ET - On Nomination ! Why at all the need for Nomination ?

Top-up >

Dec 2


Just nomination is not enough

A nominee is not the owner of the asset, unless a will says so

A run-of -the mill type of write-up repeated in recent times. All aspects of common concern not brought out. nominee may not necesasarily tnherit, but th main advantage lies in the instant transmission of 'property; to nominee , thereby save any situation of 'void', in the interim.
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Will a nominee inherit your assets?
Find out about the types of investments that will automatically be passed on to a nominee and those that can only be claimed by legal heirs.

<> Ref. Para -“Property in cooperative housing society”

It is simply sketchy; further,  blatantly fails to even take a brief note of and bring to focus  the reality that, by and large, the State enactments applicable to flats or apartments have remained only on the rules book but never been /complied with /  followed, -more so, not taken on and ensured to be  implemented and enforced. In other words, ‘housing co-operative society’ spoken of, though ideally required to be formed and registered, is, by and large non-existent, in many States , mainly such as Karnataka. So much so, for obvious reasons, the suggested effecting of a  ‘nomination’  might only prove a non-starter, hence cannot conceivably  be accomplished. A brief sincere scouting around, -for that matter, even a glance through the plethora of information / material readily available on popular websites e.g.  ( ref. related special project) , besides case law, -should be of help  to anyone, having the wish and will,  to know about the long obtaining state of affairs but continuing to be unwisely and nonchalantly ignored or over sighted, unwittingly or  otherwise.

 Read > Will a nominee inherit your assets? - The Economic Times - Indiatime
     Also >>

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< On moderation !-

Comment posted y'day is noted to be still withheld in the name of moderation. It appears that the well-intended comment was meant to serve a useful feedback, on the need for/implying as to why any such a write-up ,especially on a topic of this kind, in order to be profoundly useful and be of some guidance, as expected of the common readers, must not be confined to 'one-track' or an in-box sort, but be more comprehensive and multi - dimensional / directional one.

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