Importance Of Putting Nominee For Your Investments
Whenever we begin our investment journey, all we are concerned about, is completing the paperwork, getting the account opened, and raking in the big bucks. Seldom does our eye go to the little column that asks us to put a nominee for our investments. While investing, having to put down a nominee may seem unimportant but your next of kin will be eternally grateful if you do so. In the absence of them being listed as a nominee, the next of kin has a hard time claiming the recovery of shares and any other assets attributed to the deceased. A number of financial agencies are beginning to make assigning a nominee compulsory, but most investors continue to ignore the practice. What is it A nominee is typically an individual who has been designated by the asset’s owner to be entitled to his asset in the case of the owner’s death. The title, the property, and the benefits all accrue to the nominee in such a case. Appointing one ensures that your shares get passed on to your trusted member wi