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Joseph Ravi   16 January 2018

Settlement deed

I own a property jointly with my parents and myself. Is it possible to transfer the property to my children by way of Settlement deed?


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 11 Replies

R.Ramachandran (Advocate)     16 January 2018

Yes, it is possible.  The only requirement is that All the owners (i.e. your parents and you) have to execute the Settlement Deed. You also have to specify that the children will enjoy equal share in the property so settled.

Also remember, once you settle the property in favour of your children, you do not have any right, interest or title in the property.  You will be at the mercy of your children, during your life time!  Whether you would prefer that situation is to be thought about several times, before deciding to do settlement.

If your intention is to see that the property goes to your children after your life time, then REGISTERED WILL in their favour is the best option.  In this method, during your life time, you will be able to enjoy the property on your own right.  Further, if the attitude of the children changes, then you will also be accordingly able to modify the WILL.  Therefore, the key will be in your hands.  REGISTERED WILL does not involve any Stamp Duty.

Joseph Ravi   16 January 2018

Thank you very much Sir for your immediate response. As the property is owned jointly by us, whether myself and my parents have to register the Will  jointly  or separately. Further as we are residing in Chennai , does it require probation in court to execute the will by my children later.

G.L.N. Prasad (Retired employee.)     16 January 2018

A will /testament can not be joint and in Individual names only.  Only in some states it requires probation.  .  Kindlyl contract the local advocate and ensure enjoyment during your life and childrens' enjoyment later.

R.Ramachandran (Advocate)     16 January 2018

Dear Mr. G.L.N. Prasad,

I am curious to know, under what provisions A gift deed after death is possible?  Pl. enlighten for my knowledge.

 

R.Ramachandran (Advocate)     16 January 2018

All the owners can execute a single WILL document.  There is no legal impediment.  But, the same has to be carefully drafted to ensure that the same gets effective only after the life time of ALL the testators! Meaning thereby, that only after the lifetime of any of the remaining /surviving Testator, the property should go by way of WILL to the children.

G.L.N. Prasad (Retired employee.)     16 January 2018

I am sorry Mr.Ramachandran.  I have corrected my mistake.  Thank you for timely guidance.  When several individuals have different individual properties in their name, can a will jointly executed  for one property serves the purpose or not is not clear ?

Kumar Doab (FIN)     16 January 2018

IT is mandatory to probate the WILL in areas of Madras, Bombay, Calcutta.

Check with your own very able senior LOCAL counsel of unshakable repute and integrity specializing in testamentary/civil matters and well versed with provisions of personal law applicable in your case e.g; Hindu, and having successful track record…………………for options, merits, and special provisions as mentioned above in previous posts in this thread…….and charges/fee ( Max. fee irrespective of the value of property) for probate in jurisdictional HC rules…..e.g Madras….usual time taken etc

and also ‘Settlement Dee with life Rights’….

And Joint WILL…

Kumar Doab (FIN)     16 January 2018

Is other Co-owner willing for such WILL!

Your counsel after going the finer points of the matter, provisions of personal law, judicial pronouncements,   and related docs can opine that whether as in your case two persons that are related to each other or have joint ownership can make a joint WILL…….and such WILL can be registered, and should be preferred……

 

And draft the suitable deed say; WILL (if WILL is your choice) so as to meet and defeat the challenges in future…

 

You may also go thru applicable enactments in your case e.g;

THE INDIAN SUCCESSION ACT, 1925

2;(h) "will" means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death.

https://districtcourtsnamchi.nic.in/laws/indian_succession_act_1925.pdf

The Hindu Succession Act, 1956

30 Testamentary succession.

https://indiankanoon.org/doc/685111/

 

You may also go thru attachment by  Dr. MPS RAMANI Ph.D.[Tech]

84227 20171225152747 1071985744 law on will article.pdf

at;

https://www.lawyersclubindia.com/forum/details.asp?mod_id=153364&offset=2

The article posted by Dr. Ramani is simple and meaningful….’

You may ignore the trademark sarcasm, nuisance, abuse, attacks by habitual offenders littering at LCI from multiple fake ID’s……

 

Kumar Doab (FIN)     16 January 2018

Whichever deed you may chose IT I appropriate to inset some beneficial clauses so as to defend your interest and even your aged parent, in sunset years of life………………..

 

And god forsaken………………IF and Only IF……………something goes wrong…………IT is possible to get back the property under provision of beneficial clauses of applicable/beneficial enactments….

 

You may also go thru;

 
Maintenance and Welfare of Senior Citizens (MWPSC) Act, 2007

https://socialjustice.nic.in/writereaddata/UploadFile/Annexure-X635996104030434742.pdf

And Rules framed under the Act in your state

THE TAMIL NADU MAINTENANCE AND WELFARE OF PARENTS AND SENIOR CITIZENS RULES, 2009

https://www.tniuscbe.org/download/gg/gg361.pdf

 Judicial pronouncements, and may even go thru decisions of LOCAL Tribunal……… These are eye opener….and good for senior citizens and parents....

Kumar Doab (FIN)     16 January 2018

I am sending you a few links that you may go thru and pick up relevant points…

Dr J C Vashista (Advocate)     17 January 2018

Very well analysed, explained and advised by expert Mr. R Ramachandran, I fully agree and appreciate his acumen.

Nothing more to add. 


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