If I want to ensure that my bank account funds are transferred to my parents, who live in India, (I would assume through some legal proceedings) in my absence, is there any method to nominate them beforehand as is prevalent in India?

Also if I am not able to access my funds personally due to some accident and being hospitalized, is there any provision to authorize my parents to use my account to pay for the upfront utilities?

  • you may want to look at what a "(living) will" is. it is more general than what you are asking for buy it sounds like you need one to cover your whole estate rather than just your bank account. Also look at the testate laws where you live. – MD-Tech Aug 10 at 14:09
  • I think the other term you might want to check is "power of attorney", or you can use an "authorized user" on the account to allow them access - but I'm not familiar enough with the nominee system to know if this is at all equivalent or gives you the protection/features you are in need of. Its particularly tricky in that practical access to a US bank account to someone not in the US will be hard to manage (know your customer laws, risk management, etc.). – BrianH Aug 10 at 15:04
  • @MD-Tech, right now I am a grad student in the US and don't have any other estate worth bequeathing and I rent an apartment. – CS101 Aug 10 at 16:02
  • @BrianH, simply speaking a nominee system is just someone in possession of some money or assets currently in the bank making a written declaration on a simple piece of paper, notarizing it and submitting it to the bank telling that all of their assets and money associated with the account will be transferred to the person mentioned in the paper in the event of their death. In case of a mortality, that person can simply claim those funds and asset by showing some identity proof and the death c/f of the deceased account holder – CS101 Aug 10 at 16:06
  • Ah, then you might check to see if your bank offers "Transfer On Death" nomination: fidelity.com/growing-managing-wealth/estate-planning/… Not all banks have it, but simply to handle death this can be theoretically sufficient. Another word is if you can name a "beneficiary" on an account. But this all only handles death, generally, not hospitalizations or emergency, which is more like what requires power of attorney designations: legalzoom.com/articles/what-is-a-power-of-attorney – BrianH Aug 10 at 16:14

Your Answer

 
discard

By clicking "Post Your Answer", you acknowledge that you have read our updated terms of service, privacy policy and cookie policy, and that your continued use of the website is subject to these policies.

Browse other questions tagged or ask your own question.