Hi, I recently came across this online community and looking for some help on my below questions.It would be of great help if you can clarify and provide your suggestions.
My husband passed away about 8 months back. He used to hold dmat and trading accounts in icicidirect and those are still on his name. Though he was the account holder, but I used to invest and operate that account .
There are number of good shares in that account with mix of profit/loss. About 25% of portfolio is into mutual funds which are at very good profit. No nominee name is mentioned in icicidirect.
However, in the icici bank account linked to that demat account, my father in law is mentioned as nominee.
1. Will I be considered as legal heir of those holdings - both shares and mf by icicidirect ?
2. I found out that transferring the shares from icicidirect direct is a cumbersome process.
Can you Please suggest, if I should sell all mutual funds and shares, to take out whatever profit is there, instead of transferring those to my name ?
*I do have access to his accounts both bank and trading, so can sell it off.
Or
Shall I approach icicidirect to open a new trading/demat account on my name and then transfer the holdings from my husbands account to mine ?
Will there be lot of legal issues and paperwork required ?*
My husband passed away about 8 months back. He used to hold dmat and trading accounts in icicidirect and those are still on his name. Though he was the account holder, but I used to invest and operate that account .
There are number of good shares in that account with mix of profit/loss. About 25% of portfolio is into mutual funds which are at very good profit. No nominee name is mentioned in icicidirect.
However, in the icici bank account linked to that demat account, my father in law is mentioned as nominee.
1. Will I be considered as legal heir of those holdings - both shares and mf by icicidirect ?
2. I found out that transferring the shares from icicidirect direct is a cumbersome process.
Can you Please suggest, if I should sell all mutual funds and shares, to take out whatever profit is there, instead of transferring those to my name ?
*I do have access to his accounts both bank and trading, so can sell it off.
Or
Shall I approach icicidirect to open a new trading/demat account on my name and then transfer the holdings from my husbands account to mine ?
Will there be lot of legal issues and paperwork required ?*
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