Lesson 22 of 28 · Nominees and a will · 4 min read · Reviewed 15 Oct 2026
A nominee lets the bank, fund house or insurer release money quickly. For most assets the nominee then holds it for your legal heirs, who are decided by your will or, without one, by succession law. You need both: nominees on every account and a will that says who inherits.
Families often spend months or years claiming money from accounts with no nominee, collecting certificates and affidavits.
A nominee speeds up the release. A will decides who finally owns it. If the two disagree, the will usually wins, except for some life insurance where a spouse, child or parent is named as the beneficiary.
Key idea: Add nominees to every bank account, demat account, mutual fund folio, insurance policy and your EPF. Then write a will.
Try the calculator and the one-question quiz on this page to check your own numbers.
No. A will signed by you and two witnesses is valid. Registering it makes it harder to challenge.
Yes, for most accounts, with a share for each.
Keep a list of accounts, policies and where the will is kept somewhere your family knows about.
For learning only, not investment advice. Designed and built by people who have worked at India’s leading wealth management firms.