What Should You Do If Your Nominee Dies?

Learn the steps to take if a nominee passes away and ensure your assets are protected and properly reallocated.

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If a nominee dies, you should update the nomination immediately. Contact the relevant institution (such as banks or insurance providers) to inform them of the nominee's death and provide the necessary documents, like the death certificate. Then, submit a new nomination form designating a new nominee. This ensures your assets are distributed according to your wishes.

FAQs & Answers

  1. Why is it important to update a nomination after a nominee dies? Updating a nomination prevents legal issues and ensures your assets are distributed according to your wishes.
  2. What documents are needed to update a nomination? You'll typically need a death certificate and potentially a new nomination form to designate a new nominee.
  3. How long do I have to update my nominee after their death? It's best to update your nomination as soon as possible after the nominee's death to avoid complications.
  4. Can I designate a new nominee immediately? Yes, you can submit a new nomination form right after contacting the relevant institutions about the nominee's death.