In case of first holder death and the 1st holder has two sons and he nominated only 1st son to receive the proceeds of the fund is it fine in all the ways for 1st son to get all the benefits or the 2nd son signatures or any other formalities are required though he is not nominated.
1 Answers
Hi,
I believe that even the second son (legal heir) also has the right to have a claim in the fund proceeds.
But if the investor (owner) writes a WILL and mentions that the fund corpus has to go to first son only then WILL can supersede all other laws and regulations.
Related article :
https://www.relakhs.com/nominee-legal-heir-will-importance/
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