Adding a nominee in bank accounts or several other entities related to finance or investment has become mandatory in the last few years. Financial institutions also keep asking people to add a nominee. Apart from financial assets, a house is a big investment for all of us. Hence it is extremely important to make sure that the rightful heir of the property gets its due after the death of the owner. It is important to add a nominee to your house property. Let us know how it helps.

Having a nominee in your house property can be helpful in many ways. To add a nominee is important because it makes sure that the transfer of your assets to its rightful heir happens without any problem after your death. The same is applied to housing property. Now, let’s find out the process to add a nominee to your house property.

Adding A Nominee To Your House Property

The process of adding a nominee to a house property is easy. If your house is in a housing society, you have to fill out the applicable nomination form provided by the housing society. The nomination form is as good as a legal document. In case of the death of the owner, the housing society will transfer the house in the name of the nominee. This is the right of a custodian from a legal perspective. The nominee is not the owner of the house. The nominee is still a custodian who must transfer the house to the legal heirs. The legal heirs will be identified by the laws of succession or the will of the deceased if there is one.

While nominating a person for your housing property, you need to adhere to the rules about whom you can nominate, who can be nominated and other important rules related to the nomination.

Also Read: Why Is A Will Important In Estate Planning And How To Create One?

Things To Keep In Mind

While filling out a nomination form to identify the nominee of your house property is important, you should execute a will to define the legal heir to your property after your death. While there is succession law, it is always good to have your will to avoid any dispute in the future.

Secondly, a house is a big investment. In most cases, your house is a result of your hard work and savings for the last many years. It must be preserved and gifted to the future generation of your family members. It is a legacy that you leave to your children or other family members. Hence any mistake in nomination or will should be able to cause a lot of misery to the legal heirs.

Finally, it is always advisable to get help from a legal expert while filling up the nomination form and a will. An expert can guide you on what documents to submit and what information to fill up. Since this is a crucial legal matter and any mistake can lead to unnecessary lawsuits, a legal advisor can be of much help.

The author is an independent financial journalist.