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Change/revocation of will

(Querist) 25 January 2012 This query is : Resolved 
Dear Friends,

A man of aged about 70 years has made a will of his only immovable property in favour of his grandson who is a minor and the will has been regsitered. The will has a stipulation that the beneficiary can sell the said property only when he turns to 50 years.

Now the testator wants to give that property to his widowed daughter with an intention to enable her to sell the property if that be necessary to support her family.

Queries:

1. Can the testator revoke his earlier will . If yes what is the statutory requirement i.e. intimation to the registrar etc.

2. Can he gift the house to his daughter by way of transfer/conveyance deed instead of making a will and what will be the liability of stamp duty on gift.

3.If he decideds to make gift/ conveyance deed in favour of his daughter how the will earlier registered by him in favour of his grandson shall be revoked.

Views of the members are solicited.


Thanks & Regards

P.C. Joshi
ajay sethi (Expert) 25 January 2012
will can be revoked at any time by the testator during his lifetime .

no statutory requirement .

he can during his lifetime gift house to his daughter by registered gift deed .

he can in laternative make a fresh will revoking all former wills and bequeath property to his daughter absolutely. the fresh will can be registered .
P.C. Joshi (Querist) 25 January 2012
Thanks Ajay ji,

Thanks fror your response.
Sir One more thing I want to know can the property be sold by daughter under new will I think during the lifetime of testator No In that case the gift option is better and as you said there is no statutory requirement to revoke the previous will and the testator can execute gift deed but waht about the stamp duty.
ajay sethi (Expert) 25 January 2012
will takes effect only on death of testator . if you have give her property by will only on your death she inherits it . if you want to give by will by writing revoke your earlier will
ajay sethi (Expert) 25 January 2012
stamp duty is paybale on gift deed .
Shailesh Kr. Shah (Expert) 25 January 2012
If you wish to save to stamp duty, then make another will stating your desired wish.
Raj Kumar Makkad (Expert) 26 January 2012
Will can be got cancelled/revoked as much time as testator wants.

If daughter of such old lady wants to derive money by selling the said property at this moment, why to make will or gift or any other arrangement.

Such old person being owner should sale and give its proceeds to his daughter as gift as none other has any right thereon.
V R SHROFF (Expert) 26 January 2012
Directly sell the property & pay to daughter, instead of selling/ transferring TWICE.

Shri Joshi had been advised well by experts.
prabhakar singh (Expert) 26 January 2012
YES!LET THE OWNER MOTHER SALE THE PROPERTY AND LET SALE PROCEEDS BE GIFTED TO DAUGHTER
IS THE BEST COURSE.
Shonee Kapoor (Expert) 26 January 2012
:-) Don't think of complicated solutions.


Regards,

Shonee Kapoor
harassed.by.498a@gmail.com


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