Nomination vs. Ownership of Bank Fixed Deposits After Death

Imagine your dad put your name on his bank money as a 'nominee.'

This just means the bank can give you the money easily after he passes away, so you can help manage it.

It's like being asked to collect a package for someone.

But, it doesn't mean the money is all yours to keep.

The bank is just giving it to you to pass along.

If your dad didn't leave a will, the law says that money should be shared with your mom and siblings.

It's like the package is for the whole family.

If he *did* leave a will, then whoever he said gets the money in the will is the one who legally owns it.

So, being a nominee is about helping the money get to the right people, not about owning it yourself unless you are also the only person meant to inherit it.