Legal Advice

Can I transfer a demat account without a probate?

Query

Can I transfer a demat account without a probate? My father had made me (his son) as nominee on his demat account. However as per his will this account should be given to his grandson (my son). Bank wants a probate of the will. However as per his will this account should be given to his grandson (my son) and I have no objection to it. Bank is demanding that I should get probate of the will done, which I want to avoid because of a lengthy and costly affair.  If a nominee, being a custodian has no objection then is bank rightful in demanding probate. They are happy to transfer to me but then I do not know how I can transfer to my son without attracting capital gain and not showing as a fresh sale / purchase transaction.

Advice

However, you are a nominee in the demat account but as per the testamentary will of your father your son is the real owner of that demat account.

Therefore, you have to get a probate and execute the Will as per the desire of the testator. A Will cannot be executed without a probate. The bank’s demand to file a probate is genuine and legally valid. 

This is not a costly or time consuming procedure. You have to file a probate in the court of the District Judge. Thereafter publish the will and issue notice to the all legal heirs. It hardly takes forty days to complete. Thereupon, the court when receives no objection from legal heirs, shall grant a probate. 

Shivendra Pratap Singh

Advocate

High Court Lucknow

Property

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