How much right does the wife have in her husband’s money? Important thing you need to know from a legal point of view! Achi-News

Difference between Nominee and Successor: In India, women are generally kept out of financial affairs in most households. In this situation they cannot know about their financial rights. The world around them does nothing to make them aware of this, nor do they feel the need to make an effort to understand it.

But times have changed. It is important in this day and age for women not only to become financially independent but also to know about their rights. In this direction, talk to experts on legal issues and talk about women in terms of property rights. But there are some more important things about finances that you should know. What are your rights as a woman? Whole life is disrupted due to illness, accident or divorce or death of your spouse, if you are alert in such a situation, you will be able to handle the emergency situation better.

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Hon’ble Supreme Court Advocate and former member of the National Commission for Women (NCW) Dr. Charu Valikhanna says it is important for all women to know, especially women who stay at home instead of going out to work. What are the husband’s financial assets? They say that your name can be nominated in all financial allocations of your husband, property like demat, savings accounts, savings plans and other investments. These days, opening an account in financial institutions like banks requires filling in a nominee. You should be aware of this. Note that you default to Nominee Yes, No, but for this the husband must enter his name and relationship. A property owner is likely to fill in the name of his son, daughter or daughter-in-law as a nominee for a particular property.

Even if you are the nominee in most or all of the assets, it is not enough to have your name as the nominee in these financial assets. If the owner of this asset dies unfortunately, and then as you are only a nominee, you will not be considered eligible by default if the value of this asset is more than Rs 2 lakh. In such a situation, this amount cannot be transferred in the name of the wife if the nominee is filled. According to the Supreme Court, a will signed in the presence of two witnesses is acceptable. Also, it is necessary to have your name in the registered will of the owner so that there is no problem when transferring the property in your name. He gives the greatest possible emphasis to the registration of the Will.

In such a situation the question arises why a nominee is written and what are its advantages and disadvantages, so being a nominee does not mean being a legal heir, said Dr Charu. Even if someone’s name is written as a nominee, he is treated as a trustee only. According to the Succession (or Will) Act, the nominee is only a temporary trustee/guardian until a legal heir is appointed to the estate/property.

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So it is important for wives, first of all, to know about their husband’s financial assets. Also, the husband should get the inheritance which is clearly mentioned in the registered will. A husband can write that all my nominees (wife/son or daughter) should be considered legal heirs. If this does not happen, legally the wife has to file the inheritance certificate in the court and after a long process and completion of various procedures like NoC etc., only when the court gives permission you have a right to these assets.

So it is very important for every woman to know about her right and her husband’s financial details.

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