Beyond Just Nominations
A common misconception is that adding a nominee to your bank account or mutual fund means the nominee becomes the legal owner of those assets upon your passing. In India, a nominee is often just a custodian or trustee until the legal heirs claim the assets according to succession laws.
The Necessity of a Registered Will
To ensure a seamless, dispute-free transfer of your wealth to your chosen beneficiaries, a registered Will is absolutely necessary. For high-net-worth individuals, creating a private family trust can offer even more control, privacy, and tax efficiency.