The course of to say deposits in a provident fund (PF) account within the absence of a nomination after the dying of the account holder is comparatively much less cumbersome than what banks observe. The Employees’ Provident Fund (EPF) scheme clearly states that the proceeds are equally distributed amongst relations of the deceased.
“Family contains partner, kids (whether or not married or single), dependent dad and mom, dependent dad and mom of husband in case of a feminine member, deceased son’s widow and youngsters,” mentioned Maneet Pal Singh, companion, I.P. Pasricha & Co.
The ‘family’ members have to fill out Form 20 together with an inventory of all of the surviving members as on the date of dying of the account holder supplied by the corporate with whom the account holder was final employed. If an employer is just not obtainable, the checklist needs to be sourced from an govt Justice of the Peace. Other paperwork which are wanted embody the dying certificates of the account holder and a replica of a cancelled clean cheque.
“Once all of the paperwork are supplied and the declare is accepted the EPF Commissioner will settle the declare in 30 working days from the day the receipt of the declare is submitted,” mentioned Singh.
Further, whether or not the PF account is with Employees’ Provident fund Organization (EPFO) or a personal belief may also decide the declare settlement time. “In case the deceased particular person had deposited his/her PF with a personal PF belief, then relations would want to method the belief/representatives of the employer that has arrange the belief for the settlement course of,” mentioned Dorothy Thomas, companion, Shardul Amarchand Mangaldas & Co.
“Process for claiming cash from a personal PF belief in comparison with EPFO needs to be sooner because the employer is predicted to have related data of the account holder to course of such claims,” mentioned Narendra Dingankar, companion, Pioneer Legal.
The course of, nevertheless, will get tough if the account holder has left a Will however not a nomination. “The claimants below a Will are requested to provide probate of the Will or a succession certificates/letters of administration to make a legitimate declare. This is a precautionary measure adopted to keep away from future challenges and entertain real claims. Generally, in uncontested issues, acquiring a probate or succession certificates or letters of administration might take not less than 5-6 months,” mentioned Dingankar.
Generally, a further requirement to execute a Will is to get witnesses.
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