https://www.desidime.com/comments/permalink/10576938
1. Don't tell your wife about nominee
2. Split the amount between wife and your parents
Serious Personal Dilemma
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This is a very personal situation but I would like to take some insights from people here.
I am a married man and I stay in Metro city while my parents stay in tier-2 Town. My parents and my wife doesn't have a very good relationship but it isn't very bad on the other hand.
I have purchased a term insurance plan worth 2Crs.
Now the deal here I would like to keep my parents as nominee for my term insurance.
It's not that I don't go well with my wife, but the fact is my Father-in-law is very very rich. If something happens to me, my wife and my daughter won't face in problems financially. My wife only has one sister who's also married into a well-to-do family.
However my parents barely own anything. Apart from a home and few lacs of savings they don't have much wealth.
I don't want to raise any conflicts between my parents and my wife if I happen to die suddenly.
I would like this term insurance money to land to my parents so that they can live a comfortable life.
My parents are 60+ years old and retired. My wife has a job but doesn't earn much. I have a elder brother who can support my parents but he is into a Mediocre job and earns decent amount of money.
I would like to know how can I achieve this.
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https://www.desidime.com/comments/permalink/10576962
It's not wise to hide anything it will create trust issue if it's found out
As others pointed out you can add 2 nominee and split the share as 50% each or whatever % you feel comfortable with
https://www.desidime.com/comments/permalink/10576971
A nominee, by itself, is not a legal heir.
I can make you a nominee of anything i want. But today if I die, (then) tomorrow my relatives, anyone can file civil suits and other proceedings to claim that as they are my lawful legal heir, the "property at stake" be transferred to them.
If one is unclear on these things, (it is) better to have a "will" executed and registered.
And if one can find at-least three capable, reliable people who might also have enough time in the future,
and can be trusted.. then one can form a 'trust' which would handle the properties on one's demise (or based on other conditions).
I am not really delving into your basic query. That really is your family matter, interpersonal equation with your loved ones... in which.. a (me/i) rank stranger does not really have merit to poke their nose, views/advice in.
In-fact the only advice I have (for you) is to be cautious in choosing your counsel! (In choosing whom you take advice from/ whose words you get influenced by).
Unlike a ⌛sandclock⏳, one's upturned life cannot be reset as easily or turned back up. It never hurts to be wiser and cautious.
I can make you a nominee of anything i want. But today if I die, (then) tomorrow my relatives, anyone can file civil suits and other proceedings to claim that as they are my lawful legal heir, the "property at stake" be transferred to them.
If one is unclear on these things, (it is) better to have a "will" executed and registered.
And if one can find at-least three capable, reliable people who might also have enough time in the future,
and can be trusted.. then one can form a 'trust' which would handle the properties on one's demise (or based on other conditions).
I am not really delving into your basic query. That really is your family matter, interpersonal equation with your loved ones... in which.. a (me/i) rank stranger does not really have merit to poke their nose, views/advice in.
In-fact the only advice I have (for you) is to be cautious in choosing your counsel! (In choosing whom you take advice from/ whose words you get influenced by).
Unlike a ⌛sandclock⏳, one's upturned life cannot be reset as easily or turned back up. It never hurts to be wiser and cautious.
https://www.desidime.com/comments/permalink/10577052
https://main.sci.gov.in/supremecourt/2017/3101/3101_2017_7_1501_49073_Judgement_14-Dec-2023.pdf
https://www.hariani.co.in/newsletters/72303_hariani_december_16.pdf
https://www.desidime.com/comments/permalink/10576980
Recently passed Banking Laws Amendment Bill allows bank account holders to name up to 4 nominees. So you can divide however you choose.
https://www.desidime.com/comments/permalink/10577008
Split 50-50 amount them. 1 Cr should be good enough for parents to lead a comfortable life and since you are splitting it wont cause any tension in the family.
https://www.desidime.com/comments/permalink/10577065
...wont cause any tension..
aur kuch nahin.. tou.. kam se kam Balaji Telefilms/ Ekta Kapoor ke kuchek TV dramas hee dekh lete!
Or some desi films, Hindi films.
Maybe then.. you would not have been.. THIS disconnected with reality.
The likes of Harish Salve could not have been married thrice, so easily.. had it not been for a successful career.
Vasudha Rohatgi has a bungalow valued at ₹160 crores, primarily due to an exceptional career of Mukul Rohatgi.
If life was as klesh-free, simplified as you portray it to be... then I doubt (that) Harish Salve could have celebrated his (third) marriage in the august company of the likes of Lalit Modi.
If life was as klesh-free, simplified as you portray it to be... then I doubt (that) Mukul Rohatgi's wife would have had that property registered in her name.
aur kuch nahin.. tou.. kam se kam Balaji Telefilms/ Ekta Kapoor ke kuchek TV dramas hee dekh lete!
Or some desi films, Hindi films.
Maybe then.. you would not have been.. THIS disconnected with reality.
The likes of Harish Salve could not have been married thrice, so easily.. had it not been for a successful career.
Vasudha Rohatgi has a bungalow valued at ₹160 crores, primarily due to an exceptional career of Mukul Rohatgi.
If life was as klesh-free, simplified as you portray it to be... then I doubt (that) Harish Salve could have celebrated his (third) marriage in the august company of the likes of Lalit Modi.
If life was as klesh-free, simplified as you portray it to be... then I doubt (that) Mukul Rohatgi's wife would have had that property registered in her name.
https://www.desidime.com/comments/permalink/10577334
Make a WILL and share your assets as per your wish.
https://www.desidime.com/comments/permalink/10577844
Don't tell her then. Parents are forever yours. Wife/Husband may or may not be loyal to you forever.
https://www.desidime.com/comments/permalink/10577890
Such a loyal Son hard to find .
Do some investments exclusively in your parents name also make it handle by them and paid by you . Be it property , gold , bonds , fds , mutual funds , or markets or a small shop. Saying so because the premium you are going to pay for insurance of Rs 2 cr won't be that much needed considering your Rich in-laws and your wife can be taken care off also she is earning. But your parents position is different . After you or either one of the parent gone , life changes for them as they continue to grow older.
Aajkal maa baap ke baare mein sochna mushkil ho gaya hain liberal and modern wives ke beech.
https://www.desidime.com/comments/permalink/10578145
Sabhi ka dhyan mein rakhte hue decision lo
https://www.desidime.com/comments/permalink/10578178
You can add more than one nominee now
So revise the same
https://www.desidime.com/comments/permalink/10578349
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1. Don't tell your wife about nominee
2. Split the amount between wife and your parents
I can make you a nominee of anything i want. But today if I die, (then) tomorrow my relatives, anyone can file civil suits and other proceedings to claim that as they are my lawful legal heir, the "property at stake" be transferred to them.
If one is unclear on these things, (it is) better to have a "will" executed and registered.
And if one can find at-least three capable, reliable people who might also have enough time in the future,
and can be trusted.. then one can form a 'trust' which would handle the properties on one's demise (or based on other conditions).
I am not really delving into your basic query. That really is your family matter, interpersonal equation with your loved ones... in which.. a (me/i) rank stranger does not really have merit to poke their nose, views/advice in.
In-fact the only advice I have (for you) is to be cautious in choosing your counsel! (In choosing whom you take advice from/ whose words you get influenced by).
Unlike a ⌛sandclock⏳, one's upturned life cannot be reset as easily or turned back up. It never hurts to be wiser and cautious.