Nominee's Letter Transferring Assets to Legal Heirs

DECLARATION AND TRANSFER BY NOMINEE Executed at [place] on [letter_date] I, [nominee_name], residing at [nominee_address], being the [relationship] of the late [deceased_name], do hereby declare as follows: 1. That the said [deceased_name] died on [date_of_death]. 2. THE ASSET RECEIVED [asset_details] Value received: Rs. [amount_received] 3. That I received the above as the registered NOMINEE of the deceased. 4. THAT I ACKNOWLEDGE AND DECLARE that a nomination entitles the nominee to RECEIVE the asset and to give a valid discharge to the institution holding it, but does NOT confer beneficial ownership. I hold the said asset as a trustee for the legal heirs of the deceased, who are beneficially entitled to it under the law of succession. 5. THE LEGAL HEIRS AND THEIR SHARES [heirs_and_shares] 6. That I hereby transfer, make over and pay to the persons named above their respective shares in the said asset, and I retain no beneficial interest in it save such share as is due to me in my own capacity as an heir. 7. That I make this declaration voluntarily, in recognition of the rights of the legal heirs, and without any coercion. IN WITNESS WHEREOF I have signed this Declaration on the day, month and year first above written. [nominee_name] NOMINEE RECEIPT BY THE LEGAL HEIRS We, the persons named in paragraph 5 above, acknowledge receipt of our respective shares and discharge the Nominee from all further liability in respect of the said asset. 1. Name: ______________________ Signature: ______________ 2. Name: ______________________ Signature: ______________ 3. Name: ______________________ Signature: ______________ WITNESSES 1. Name: ______________________ Signature: ______________ 2. Name: ______________________ Signature: ______________ ──────────────────────────────────────────────────────────────── WHY THIS DOCUMENT EXISTS Because a nomination decides who RECEIVES an asset, not who OWNS it — and that single distinction causes more family disputes after a death than almost anything else. A bank, insurer or depository pays the nominee because the law allows it to obtain a valid discharge that way, without waiting for a succession certificate. That is a convenience for the INSTITUTION. It does not determine who is entitled to the money. The nominee generally holds it for the legal heirs, who take under the deceased's will or under the law of succession. A nominee who keeps the whole of an asset that belongs to several heirs is exposed to a claim, and those claims are made, often years later and often between siblings. THIS DOCUMENT PROTECTS THE NOMINEE AS MUCH AS THE HEIRS. It records what was received, who was entitled, what each was paid, and their acknowledgment. Without it, a nominee who distributed the money correctly may still have nothing to show for it when challenged. BEFORE USING IT: - Establish the heirs correctly. Under the Hindu Succession Act, 1956 as amended in 2005 a DAUGHTER has the same rights as a son, married or not. Omitting an heir does not simplify anything. - Check whether a WILL exists. A will overrides the ordinary rules of succession, and the shares must follow it. - Where the amounts are substantial or an heir is a minor or absent, take advice before distributing rather than after. DO NOT CONFUSE THIS WITH A RELINQUISHMENT DEED. This records a nominee passing on what was never beneficially theirs. A relinquishment is an heir giving up a share that WAS theirs, and it is a different instrument with different consequences.