Financial institutions ask for nominees to streamline settlement — the nominee receives assets to transmit toward lawful heirs, not automatically to keep if wills or succession law say otherwise.
A will clarifies intent for non-dematerialized assets, bank accounts, and personal effects. Mutual funds and demat accounts still need transmission paperwork even with nominees aligned.
Joint holders bypass some frictions but create their own disputes if contributions were unequal — document Gift Deeds or loan agreements when families pool money.
Update nominations after marriage, childbirth, divorce, or estrangement — stale ex-spouse nominations cause Bollywood-level litigation in real life.
Store a one-page inventory of policies, passwords in a secure vault, and CA/ lawyer contacts for executors.
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