- This topic has 6 replies, 3 voices, and was last updated 1 year, 3 months ago by
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BI m an NRI who invests through my mom’s mutual fund account.
Planning to invest for long term ..
I hope my mom lives for another 100 years but if she is not with us after x amount of time then what steps I have to take ?
I use zerodha coin platform for mutual funds.
What steps I can take now to transfer funds in my coin mutual funds account in future?
Do I have to create will or legal heir certificate or succession certificate?
I AM THE NOMINEE IN THE ACCOUNT (100% owner)
Hoping to get good advises from anyone who knows something or who has gone through this process !
Looking for steps that I can take now !
Note : 1. I can not move funds or withdraw now as amount is big for me and is in loss as of now.
2. I don’t have family disputes but want to be legally safe so I want to create documents nd not blindly have hopes that everything will be greatThank you!
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L100 Nominee doesn’t mean you get to keep the money.
Your siblings or other legal heirs can still claim it.
Registered Will is safe.
The safest option would be to transfer these units to your name while your mother is still around.
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BThank you for your reply.
I m trying to find out all list of documents I need to make.
How can I transfer funds from my mom’s account to my account.
My mom’s account is in Zerodha coin.
Can I transfer the funds to groww account as well?
Your answer raised many other questions.
So the steps are
1. Creating will
2. ??-
LCreating will is the only thing you do now.
The other documents like legal heir certificate, succession certificate are needed only in absence of a Will and even so they are applied after the death of the individual.Have you read up on gifting of MFs on zerodha website?
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FYour mother needs to create a will and name you as the sole owner of the mutual fund units. Otherwise they will be divided equally amongst class 1 heirs. I am assuming your mother and you are Hindus.
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