Asset nominations

Majority of court-cases are over legacy of property or other assets left by deceased persons. Nominations should be made compulsory in all types of registered assets, including property-deals, bank-accounts, shares and others so that disputes may not arise on death of asset-holder. Till now nomination is optional even in bank-accounts and Demat accounts for share-holding which should be made mandatory. Nomination should be compulsory even in case of joint-holdings where each of the joint-holder may register nominee for respective holding in the asset jointly held by more than one person.

Nominations can be made mandatory even in assets in hands of private firms or persons including in way of deposits. However, suitable precautions are necessary to prevent some miscreants' nominee willfully being involved in murder of asset-holder for getting the asset by way of being nominee. In case of unnatural or suspicious death of asset-holder, asset may be transferred in name of nominee only after complete and thorough investigation in case someone else raises doubt of murder for grabbing the asset of the deceased.

More such provisions can be searched out by Department of Legal Affairs (Government of India) to drastically reduce cases reaching to the courts.

Madhu Agrawal,

Dariba, Chandni Chowk

DELHI 110006