In today’s time, most people have a bank account and if you have also opened your account, then it must have been heard that it is necessary to put the name of the nominee in it. A separate column is also given for this while filling out the form. But if an account holder dies suddenly and he has not named the nominee for the account, then what will happen to his money? Will his family members withdraw this money? Today we will know in detail about these answers.
Who is the nominee?
The nominee is the person who deserves the money deposited in his bank after the account holder dies. For this, the account holder nominates some of his special names. This person is not only the money deposited in the bank but also the beneficiary or recipient of insurance, property, money, and investment.
Who can become a nominee?
Usually, people put their close friends such as a spouse, son, daughter, or parents in the nominee list, but only the names of the family members don’t need to be put in it. The name of the account holder who believes in can also be named as a nominee. Different bank accounts of the same name can have different nominees. Apart from this, a minor can also be the nominee of an account, but the minor should be nominated by the guardian and the parent should be given money by the bank.
What if the name of the nominee is not added?
If the account holder has not selected any successor as a nominee for his deposited capital, then after the death of the account holder may have to go through a long and complex process to claim any property related to the account or account. Many times this process is so complex that it becomes difficult to complete and the money remains in the account. Therefore, it is advisable that if you want your family to use your hard-earned money, then it is very important to put the name of the nominee.