Lesson 3 of 3 · 6 min
What happens after, and how to keep it clean
The sequence a family actually goes through after a death, a tree for working out who ends up owning any asset, and the stale-nomination trap.
Put these in order
A man dies without a will, leaving a fixed deposit with his sister as nominee. Put what happens in order.
- The money is divided — the sister keeps only her own share, if she is an heir
- Succession law works out who the legal heirs are and what each is owed
- The sister holds the money as a trustee, not as its owner
- The bank pays the balance to the sister, and its legal duty ends
- The family gives the bank a death certificate and the nominee's details
Who will actually own this money?
What kind of asset is it?
None of this makes nomination pointless. A nomination is what lets money move quickly instead of sitting frozen for months. A will decides where it finally lands. The two work together — and where real money, property or a complicated family is involved, a qualified lawyer can map your exact situation.
Just for you
Count the accounts in your family: bank, demat, mutual funds, EPF, insurance. For how many do you actually know who the nominee is — and does that person know they would be a receiver, not the owner?
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Check yourself
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Kabir asks
A man dies without a will, leaving a fixed deposit with his sister as nominee. What happens first?
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