Partitioning assets after demise of father
JAGADHEESH
(Querist) 25 September 2016
This query is : Resolved
My father expired in 2015. We have 3 plots of land I.e 1st with 14 cent, 2nd with 10 cent, and third with 16 cent and a big house (the cost of house itself is assumed as 50lakh and the value of each cent of land as 5lakh).I have an elder brother. We are two sons with our family living at the home with mother. Now we have to partition the ptoperty. Our decisions is
1. Elder brother takes 3rd property i.e 16cents with home
2. Younger brother gets two plots of land i.e 14cent and 10 cent
3. Mom can live at any home till death i.e either at existing home or the home that I have to create in future at 10cents. And wr both have to care mom.
But my brother is opposin this and he says there must be a clause in my asset that my mother has power to experience any profit generated from my asset. Indirectly he is saying that property cannot be sold out or the property is nontranferable. Whats the right way of partitioning this sort of property.
Raj Kumar Makkad
(Expert) 25 September 2016
There is no law which may bind the parties to make partition in a particular and static way. This is the mutual understanding of the joint stake-holders in the property to decide.
The opinion of your mother is praise-worthy if she desires that the property coming in your share should not be sold during her life time.
You have not told what shall be status of your house?
Rajendra K Goyal
(Expert) 25 September 2016
Mother is also shareholder in the property. It is better to give her share in her name, if she does not agree on present proposal. It would give her sense of security. After her, property would be of both of brothers provided no other legal heir is there.
Raj Kumar Makkad
(Expert) 25 September 2016
The suggestion of Mr. Goyal is also praiseworthy.
Kumar Doab
(Expert) 25 September 2016
The opinion of your brother, Expert Mr. Makkad, Mr. Goyal is indeed appreciable.
The property shall devolve equally upon all ClassI legal heirs i.e Mother (if alive), wife, sons and daughters.
If all of you are inclined to amicable Registered family agreement, then nothing like it.
All of you must take care of aged mother.
There is nothing wrong if an asset is kept for her financial security and income.
Her share/asset ultimately may devolve equally upon her sons and daughters.
JAGADHEESH
(Querist) 28 September 2016
Thank You very much for all of your valuable information.
Kumar Doab
(Expert) 14 December 2016
Posted again at:
http://www.lawyersclubindia.com/experts/Life-Interest-625721.asp
Rajendra K Goyal
(Expert) 14 December 2016
Why to repeat, repeating is bad habit.
Kumar Doab
(Expert) 14 December 2016
Dear Mr. Goyal,
Just and proper advise by you, and duly appreciated, has already been advanced in this thread.
Rajendra K Goyal
(Expert) 15 December 2016
Expert Kumar Doab,
Thanks for complements.
Kumar Doab
(Expert) 15 December 2016
You are welcome.
The author may understand the finer nuances in this and other thread.
