Why a will and nominations go together
A nomination tells a bank, fund house or insurer whom to pay when you die. A will decides who finally owns what. When the two point to different people, one family member can end up holding money that legally belongs to another. Putting both in order is one of the kindest things you can do for your family, and for most people it is not complicated.
How a will works in India
For most Indians, wills are governed by the Indian Succession Act, 1925; Muslims are largely governed by their personal law. A valid will generally needs:
- A person making it who is 18 or older, of sound mind and acting freely
- Clear identification of assets and beneficiaries
- Your signature, made in front of two witnesses who also sign
- A date and place
You can revoke or replace a will at any time, and the latest valid one prevails. Probate, which is a court's confirmation of the will, is required in some situations, notably certain wills involving property in Mumbai, Kolkata and Chennai. Elsewhere, banks or registrars may still ask for it when the estate is large.
Lining up nominations
| Asset | Where to update nominees |
|---|---|
| Bank accounts and FDs | Branch or net banking |
| Demat account | Your depository participant or broker |
| Mutual funds | Fund house, RTA or your distributor |
| Life and health insurance | The insurer |
| EPF | EPFO member portal |
| NPS | The CRA portal |
Banks, depositories and fund houses now allow more than one nominee with percentage shares, which makes it easier to mirror what your will says. If a nominee is a minor, name an appointee or guardian.
Who should consider it
Nearly every earning adult with dependants or assets. It matters most for parents of young children, people in a second marriage, property owners and anyone whose nominations were set up long ago.
For complex estates — a family business, HUF or ancestral property, overseas assets, a beneficiary with special needs or an expected dispute — we suggest consulting a lawyer. Our team handles the groundwork: the asset list, nomination updates and a basic will format for simpler situations.
