Banking & savings
Nominee
The person you name to receive your money in an account or investment if you die.
A nominee is who the bank or fund house hands your money to if something happens to you.
Adding a nominee to every account, FD, and investment saves your family from painful legal hassle later.
A nominee is a caretaker, not necessarily the legal owner, so pair it with a proper will for clarity.
For example
Naming your spouse as nominee on your FDs and mutual funds means they can claim the money smoothly, without a long legal fight.