The Nominee — One line that saves a family months

Every bank account, insurance policy, mutual fund, and provident fund account has a nomination field. Filled in, the institution can release the money quickly. Left blank, the family has to obtain a succession certificate from a court, which takes months and costs money. It is one line on a form, and most people never fill it.

• A nominee is a receiver, not an owner. The money still belongs to the legal heirs, and a will is what decides who those heirs are.
• Check the nominations on every account in your household. They quietly go out of date after a marriage, a birth, or a death.