Advisor: My condolences to you and your family. I was traveling last week and could not meet you earlier.
Vijay: Thank you for coming by. I thought I will meet you and seek your advice on my father’s mutual fund investments. No doubt he was a savvy investor and chose the route of mutual funds to build his wealth. But I think he did not like to handle paper work.
Advisor: Paper work with respect to mutual funds is fairly simple. Anything can be sorted out. Are you referring to claiming his assets?
Vijay: Yes. It may not be very straight forward, because he has done nominations in a few and not done in some folios. While I am the joint holder in some folios, he had invested alone in some of them. You are the one who can assist me in sorting this out.
Advisor: More than happy to assist you Vijay
In the event of death of unit holder, the units held in their name are transferred in favor of
– the surviving unit holder or
– nominee or
– legal heir
on submission of relevant legal documents
Transmission to the surviving unit holders while surviving unit holders or registered nominee
Advisor -In case of death of one of the unit holder, the transmission process can be initiated by the surviving unitholder or the nominee by
– A Letter from the surviving unitholder or the nominee to the Mutual Fund requesting for transmission of units
– Death certificate in original
– Bank account details
– KYC details of the claimants
If nominee is not registered then the claimant has to give additional documents like
– Indemnity bond from each legal heir/s
– Individual affidavits from each legal heir/s
– If the transmission amount is below Rs. Five Lakhs:
Any appropriate document evidencing relationship of the claimant/s with the deceased unit holder/s if the value of investment is more than or equal to Rs. Five Lakhs
a. Notarized copy of probated will (or)
b. Legal heir certificate or succession certificate or claimant’s certificate issued by a competent court (or)
c. Letter of administration in case of intestate succession.
In case the claimant submits any of the three documents (under a-c) then indemnity bond will not be required. These are the only combinations of documents that are required to claim. I have given you the full download on transmission. In your case, it is going to be simple as you are the only legal heir and also the joint holder in some of the folios.
Vijay: Thank you very much for the time and valuable inputs.
Advisor: Not all Vijay. Your father has been a great friend and I have been blessed to have him as my client.