We’ve all read about stories of kings and their great desire for a suitable heir in history and story books. Just like kings passed on their kingdom to the rightful heir, it’s advisable to name an heir for each of your assets by way of a legally enforceable will. Most people don’t create a will during their lifetime. This can make it contentious as to who would inherit the assets of a person after his/her death. This is where nomination becomes important. Nomination in the case of Mutual Funds is a facility that enables an individual investor to nominate a person who can claim the mutual fund investment units or the redemption proceeds from these units in case the investor passes away. If an investor doesn’t specify a nominee in his/her account, the investments can only be claimed by the legal heir(s) of the investor after proving their legal heirship which can be a long-run process. Hence it is better to have nominees in all your mutual fund investments to enable smooth transmission of assets in case of an unfortunate event. Adding or updating existing nominees in your Mutual Fund holding can be done online if you have an online account with the Mutual Fund. Login to your account and choose the folio under which you want to add/update nominees. Fill in the nominee details like name and address along with the percentage of ownership each nominee will get. If no percentage is specified, each nominee will be eligible for equal percentage. If you are not comfortable online, you can visit the nearest branch or Investor Service Center, of the Fund House to add/update nominee details in your folio. All you need to do is submit a written application or fill up the relevant section of the Common Application Form. You will need to specify the account/folio where you need to add/update nominees and names of the nominees. In case of more than one nominee in an account, you need to specify the percentage allocation of your investments between all the nominees. Get all your Mutual Fund investment accounts updated with Nominee details and save your family from the hassle of proving their legal heirship to claim your investments in case of an unfortunate event.