How to appoint nominee/claim shares/MFs upon death (groww)?

[ltf4ever]

is there any way to easily assign nominees to all share and mf investments in groww?

i went on the links they provided, but there is just 1 nominee that i have added and no way for me to know whether it covers both stocks and mf.

and also how can the nominee claim these assets?

any insights please share.

 

[thanix]

Typically, the nomination covers the equities for demat account. For mutual fund, one has to intimate the fund house individually. Some time back, mf utilities were offering bulk updates to all mf in your portfolio.

On the claim part, it is tricky. A valid death certificate has to be produced to transfer the equities to the nominee demat account. I don't know how you can do it with groww. I have a traditional broker for demat. However please note nominee can only get the proceeds as trustee. The actual proceedings should be given to all beneficiaries as per religious succession law. So it may become an issue and hence recommend a will to be created and registered to provide clear beneficiary who can be the same as nominee.

 

[ltf4ever]

Typically, the nomination covers the equities for demat account. For mutual fund, one has to intimate the fund house individually. Some time back, mf utilities were offering bulk updates to all mf in your portfolio.

On the claim part, it is tricky. A valid death certificate has to be produced to transfer the equities to the nominee demat account. I don't know how you can do it with groww. I have a traditional broker for demat. However please note nominee can only get the proceeds as trustee. The actual proceedings should be given to all beneficiaries as per religious succession law. So it may become an issue and hence recommend a will to be created and registered to provide clear beneficiary who can be the same as nominee.

is the trustee part the same for all places where 'nominee' is mentioned? eg. life insurance, bank accounts, etc?

 

[visvin]

Click on 'Profile' (top right in the app) -> Account Details (where your name is displayed) -> scroll down to see "nominee details", click and you'll see it.

 

[thanix]

is the trustee part the same for all places where 'nominee' is mentioned? eg. life insurance, bank accounts, etc?

For banks and FDs, yes. Nominee has to just keep the money and distribute as per succession law and claim.

For insurance, the nominee is actually beneficiary. So all the proceeds belong to him.

Unfortunately our laws don't deal with nominee and beneficial nominee adequately and this is all established based on judicial precedence.

 

[ltf4ever]

Click on 'Profile' (top right in the app) -> Account Details (where your name is displayed) -> scroll down to see "nominee details", click and you'll see it.

thanks. i did that, but it doesn't specify whether they have added the nominee for stocks or mf or both. whereas in the help section they mention that one can find 2 sections separately. i guess i will contact them directly and ask.

 

[ltf4ever]

For banks and FDs, yes. Nominee has to just keep the money and distribute as per succession law and claim.

For insurance, the nominee is actually beneficiary. So all the proceeds belong to him.

Unfortunately our laws don't deal with nominee and beneficial nominee adequately and this is all established based on judicial precedence.

thank you. any idea about the process of will creation (without going the old way of hiring a lawyer)? i see that banks are offering digital will service for premium accounts. else i will start a separate thread for this discussion.

 

[thanix]

thank you. any idea about the process of will creation (without going the old way of hiring a lawyer)? i see that banks are offering digital will service for premium accounts. else i will start a separate thread for this discussion.

It is a big topic and have only theoretical knowledge, so if you can start a thread, all of us can benefit from experts.

 

[ltf4ever]

started Thread 'Nominee, will services for investments' https://www.technofino.in/community/threads/nominee-will-services-for-investments.11340/

 

[Salvo08]

Go to either CAMS or KFintech webpage and register nominee for all your MFs in one shot.

 

[Gabbar]

You can use Mfcentral app to add nominee to all mf holdings across all accounts.

 

[VGisHere]

You can use Mfcentral app to add nominee to all mf holdings across all accounts.

Pretty smooth process, allows one to update for all MFs in single go!