The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the following Q&A which was published by the Mint Newspaper on 18th February, 2021 and the online edition of the same can be found here.
My 70-year-old maternal aunt is unmarried and has a house in which she, my mother, younger brother and I have been staying together since 2002. The aunt is my maternal grandfather’s sister’s daughter. My mother has an elder brother too. My aunt inherited the house from her mother. What will be the status of the house when she passes away? Will my mother still have the right to stay in it? My mother and aunt have an “either survivor bank account” and locker, in which they keep their money and valuables. What will happen to that account in case of my aunt’s death?
—Name withheld on request