For bank account the nominees would get benifit directly , if it your mother. For other assets you need to have a sucession certificate or if there is a will would work. Contact via this site to approach on phone, email or video conferencing.
Power of attorney
Hello, My father expired a week back. We were looking at my father's assets and the nominees include my mother, my sister and myself across different investments. My sister and I are married with kids and in these times it is very difficult to visit various places with kids How can we enable our mother to get all the assets transferred to her name without visiting ? What are the steps to be followed (eg attestation etc.) to ensure that banks and insurance companies Any sample documents (eg: power of attorney) will be very useful
Asked 3 years ago in Property Law
Religion: Hindu
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12 Answers
1) You have to execute gift deed or relinquishment deed in favour of your mother where properties are situated
it should be duly stamped and registered
3) in alternative your mother can apply for letters of administration from district court
4) you and your sister can execute consent affidavit to relinquish your share in property
1. You can register a POA in favour of your mother authorising her to transfer the amounts lying in the accounts of your deceased father wherein you are the nominee.
2. Some Banks and/or Investment Companies might also accept notarised POA for the above purpose.
Dear Sir,
1) Both you and your sister can execute a POA in favor of you mother to transfer all banks where you are nominee in her favor.
2) In respect of properties you and your sister will have to execute a registered relinquishment deed giving up all your rights in favor of your mother.
3) To execute a POA Contents-
The document has the following essential features:
- A clear identification of persons who would be Executor & Attorney, respectively, with their addresses & identity clearly defined.
- A clear and careful definition of the powers that need to be transferred to the Attorney.
- Registration / authentication of the POA document.
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A power of attorney can be got authenticated by and before the following authorities:
- Notary Public,
- Court
- Judge
- Magistrate
- [Indian] Consul or Vice Consul ,
- Representative of the Central Government
An authentication by a Notary Public is sufficient for a Power of Attorney not giving authority to register a document. However if the Power of Attorney gives authority to present a document for registration, then the said POA needs to be registered.
Thank you
- Since , there is nominee in the account, then the bank will pay the amount to the nominee, just after submitting certain proofs of his identity.
- However, as you and sister is unable to visit , then you both can execute a registered POA in favour of your mother for approaching the bank and other investment .
- Further, the nominee in the Insurance need not to visit personally , he can send all the details even through registered post with the bank details and death certificate of father .
Unfortunately there is no short cut/way.
But there is no hurry except insurance. For insurance you can send documents by registered post.
I believe there is no WILL as per your question.
Best is succession certificate.
Also you and your sister can execute a POA in favour of your mother. but this have to be registered.
When going for POA registration, you and your sister can do relinquish deed registration also for properties.
After the death of your father, the right over his movable and immovable property transferred to you, your sister and your mother by way of succession. In this pandemic situation, the transfer of your and your sister’s share is difficult.
If you wish to transfer your share in favour of your mother is done by a relinquishment deed/ settlement deed. Both of you execute a power of attorney in favour of your blood relative to execute the same.
Immovable property can be legally transferred/conveyed only by way of a deed of conveyance/sale deed which is duly stamped under the provisions of the Stamp Act applicable to the state in which such property is situated, as well as registered under the provisions of the Registration Act, 1908.
A power of attorney can be granted by the party transferring the property (transferor) to the party to whom the property is to be transferred (transferee) for the purposes of granting authority to the transferee to execute the conveyance/sale deed in favour of the transferee, and registration of the conveyance/sale deed on behalf of the transferor. However, such a power of attorney itself would not grant any right, title or interest in the immovable property in favour of the transferee, and a conveyance/sale deed would be required to be executed, stamped and registered for this purpose.
STEP 1: Write the power of attorney on plain paper. There is no need to create it on stamp paper from India, subject to conditions. Sign the power of attorney. Two witnesses should also sign this document. The addresses of the applicant and witnesses should be typed clearly. All this must be done in the presence of a notary public. You can also get this done at the Indian Consulate as well.Once your power of attorney is attested by the Indian Consulate/Embassy you can send it to India. and adjudicate the same before collector or district registrar.
(Foreign Power of Attorney should be got stamped by the Collector after its receipt in India within prescribed time of 3 months)
Both of you(you and your sister), should execute a registered power of attorney in her favor, authoring her to act as your agent in the formalities required.
Contact a local lawyer for this registered POA.
You and your sister can execute a power of attorney deed to your mother mentioning all the assets in the POA deed and the tasks she would be required to carry out by this power of attorney deed.
For formats of power of attorney, you may contact an advocate for drafting the same because every deed is prepared based on the necessity.
this forum is not for asking sample documents
it is for asking legal queries
You need to do the same with power of attorney given to someone for doing this at the said place
1. In respect of those liquid assets for which she has been nominated she can realise those on the basis of nomination. However, where she is a co-nominee a Power of Attorney will be required.
2. You and your sister can execute a joint Power of Attorney in favour of your mother and also write a letter to bank.
3. Get the POA drafted by a lawyer.
