It is not always necessary for only one individual to hold a Mutual Funds. There options like Joint mode or joint mode with three people. Although the investments in such holding policies is quite simple, there is a little procedure involved when there is a demise of a fund holder.
However, it is of prime importance that, every investment or debt asset that an individual holds should be assigned to a nominee. In situations where the asset does not have a nominee, it is your family that will lose out on all the savings. And if you are in debt of availing a home loan or a personal loan, specify the nominee as well so that you can claim the asset for which the loan was borrowed.
Following are the documents required by each fund holder’s situation:
Demise of first unit holder:
The units of the first holder will be transferred to the second holder for which the following documents are to be submitted:
- Letter from the surviving unit holder(s) intimating the death of the first holder.
- Copy of death certificate of the first holder duly certified in original by bankers/AMC.
- Address, bank details and PAN of second holder
Demise of the joint holder:
Units will continue to remain in the name of the first unit holder. The first unit holder has the option to register any other person as a joint holder, for which the following documents are required:
- Letter from the surviving unit holder(s) intimating the death of the joint holder.
- Copy of the death certificate of the joint holder duly certified in original by bankers/AMC.
- Name, PAN, signature of the second holder in case a new holder is to be registered.
Demise of the single holder:
In case there is only a single holder, and there is a nomination registered, the claimant has to make an application to evidence the claim on death of the unit holder. This has to be accompanied with an attested copy of the death certificate along with the following documents:
- Proof of identity of the nominee (passport, ration card, driving license, etc)
- Declaration and indemnity against any other claims.
- Copy of the statement of account issued by the AMC.
DEMISE OF SINGLE HOLDER WITHOUT NOMINATION
If there is a single holder and there is no nomination, but if the deceased has left a will, then the claimant has to make an application on the death of the unit holder, along with an attested copy of the will or probate of the will along with the following documents:
- An attested copy of the death certificate.
- Notarized affidavit of witness.
- Declaration that the will provided is the last binding will and that there are no other claimants.
- Indemnity against any other claims. e) Copy of the statement of account issued by the AMC.