LITTLE THINGS THAT MATTER MUCH

LITTLE THINGS THAT MATTER MUCH

TOPIC I: – JOINT HOLDINGS AND NOMINATION

Raj had a huge balance in his bank account. Unfortunately, Raj met with an accident and his condition was serious. Now analyse the following situations with his basic bank account.

Situation 1: – No Joint Holding & No Nomination.

Situation 2: – No Joint Holding, but Nominee Registered.

Situation 3: – Joint Holding Done, but No Nomination.

Situation 4: – Both Jointly Held & Nomination in place.

Each situation stated above brings forth a different scenario.

While Joint holding and Nomination have different implications for different type of assets and investments held, we at the Personal Wealth Coach are trying to explain the importance of the same and suggests the following:-

Joint account holding & nomination cannot be used interchangeably.

A joint account holding gives a right to the holder to operate the account as per the mode of instruction noted. However the nominee can have the right to the funds only after the death of the holders.

While issues of trust & independence are always a concern for joint holdings, but yet understanding the mode of operations viz., either-survivor, Former or Survivor, jointly, etc. with regard to holders in concern and/or considering an amount criteria say for e.g.: transactions above a particular amount say 20,000/- etc., a wise choice should be made & it could save the unnecessary trouble & stress during helpless situations.

As for the nominations, we believe it should not be overlooked. Life is uncertain and it does not come with any warnings. While we do our best as we are alive we should be more careful with these little things as it would make life easier for the ones we care after we are gone.

Take a double check on all your investments from basic Bank Accounts to Fixed Deposits, Mutual Funds, Stocks, D-Mat Accounts, etc.

And all those secret accounts about which only you are aware & not to forget the Bank Lockers too.

For more information on this you can reach us on: -personalwealthcoach24x7@gmail.com