Nominee
The person who receives custody of your assets if you die, in the absence of a will.
Bank accounts, demat accounts, mutual fund folios, EPF, PPF, and insurance policies all let you name a nominee. The nominee is a custodian, not the legal owner; succession follows your will (or, in its absence, personal succession laws). Without a nominee, your family deals with succession certificates, which can take 6 to 18 months. Add nominees to every financial account, today.
Related
Inside Finlo
A 60-second lesson that puts this term in context, alongside the others, lives inside the Finlo app.