Review nominee details after marriage, divorce, birth: report

Financial experts say it is vital to periodically review nominee details for mutual funds, bank accounts, EPF and insurance policies after major life events such as marriage, divorce, birth or adoption of a child, or the death of the nominee. Updating nomination ensures that the previous choice aligns with current wishes and reduces complications for legal heirs when claiming assets. In the case of EPF, the previous nominee automatically becomes invalid after a change in marital status.

A nominee acts as a custodian of assets until legal heirs receive them, according to the report. A will, which specifies how assets are to be distributed, does not replace the need to update nomination across investments. In the absence of a valid will, succession laws determine rightful ownership. Experts recommend that account holders regularly review their nomination to avoid delays and paperwork for their families.