Mutual Fund application , should I put Nominee or put 2nd name of my child ? pl guide me seriously?
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indiaabroad asked:
I am 81 indian woman husband expired and I am applying for 5 mutual fund of same type and putting each of 5 child’s name as the beneficiary in each mutual fund. When I am no more , each one will get an Mutual fund of equal worth , & at the same time I will not be short of cash if required. But Same procedure 5 times at this age is cumbersome, is there any simple way?
Question posted courtesy of: Warren
I am 81 indian woman husband expired and I am applying for 5 mutual fund of same type and putting each of 5 child’s name as the beneficiary in each mutual fund. When I am no more , each one will get an Mutual fund of equal worth , & at the same time I will not be short of cash if required. But Same procedure 5 times at this age is cumbersome, is there any simple way?
Question posted courtesy of: Warren
March 26th, 2008 at 5:27 pm
For you it will be more Convenient to put Nominee as this can be changed if for some reason you want to change your mind.Also you can put in one fund all 5 names as nominee with share of 20% each or what ever !
March 28th, 2008 at 9:07 pm
Put it as a nominee not second applicant.
That will act as Either or survivor. In case something happens to you, that money will go to your children.
March 30th, 2008 at 12:34 pm
First thing do not invest in same type of mutual fund. Try to diversify your investment. Invest in diversified equity fund,infrastructure fund,power sector fund etc.You can put your child’s name as nominee.