Inherited property
Rohit Telang
(Querist) 09 February 2012
This query is : Resolved
Sir,
Iam residing in Mumbai in a chs.The flat was owned by my father,who passed away 2 years ago without a will.Now the flat stands in my mothers name,who stays with me.I have one married sister.Now my sister wants 1/3 value of the flat.We plan to sell the flat to give her share of the flat.My mother is ready to give half of her 1/3rd share to me now and half after her death.I wish to do a seetlement deed for this to avoid future litigations.My mother has fixed deposits in banks where her name is first.These Fds were created by my father and nominated my mother as nominee.What is my right on them after my mothers demise?My mother has some gold jwellery also.
My question to you is should I go for settlement deed with my sister and mother?
Will that assure me of half of 1/3 share that my mother is keeping with her after the sale of the flat?How do I mention the FDs and Jwellery,which I will get after my mothers demise, in the settlement deed?
Please advise.
M/s. Y-not legal services
(Expert) 09 February 2012
according to the FDs issue, you three are entitled to get 1/3rd share.. nominee can not claim ownership..
according to jewels issue, its discretion of your mother.,
according to half of the 1/3rd share, your mother can create any will on her share., even she can gift it, sale it, etc.. if she passed without any arrangements mean you and your sister can devide it equally..
so better all you can make any family settlement..
-tom-
Raj Kumar Makkad
(Expert) 09 February 2012
You take issues one by one. First of all as desired sale your flat and get the share as promised by your mother to you.
Now come to FDRs, jewellery and other bank accounts. You all 3 are equally owner of these movable properties as on day. If your mother remains no more, you both remaining legal heirs shall become owner of equal share. If your mother wants to provide her share or part of her share in movable property as on day, she can do it without any formal settlement and writing. she may gift it to you today also without any writing. The gifted properties shall be your own without any objection from any corner at any stage.
Rest can be got divided in equal shares at appropriate time. There is no need of any settlement as on day.
prabhakar singh
(Expert) 10 February 2012
Which one of this and the earlier one is your real query as facts are same.???
