Life Interest
JAGADHEESH
(Querist) 13 December 2016
This query is : Resolved
We are two brothers living with mother in a home built by my father. My father expired in 2015.Both of our families are also living there. we have a total of 40 cents of land including a two storied house. All the properties except 3 cents of land belongs to my father while the 3 cents of land belongs to my mother.Now due to dispute in the family we decided to partition the property into two halves. And mother will have life interest on both property. In the first half , half of land and home is included and in the second half , half of land plus half of the value calculated for house are included. My brother is an LLB graduate and is crooked minded. As he had changed his decision on partition many times, I have the following doubts.
1. What is actually the life intetest?
2. Will this life intetest of my mom on my property get terminated automatically in the event of decease of my mother?
3. When the mother is alive is it possible for mom to make a will on this life interest so that it is transferred to another person after her demise?
4. Is it possible for mom to sell this property?
5. It is the property that belongs to me but mom has life interest. In this scenario can I get bank loan?
6. In case of any emergencies can I sell this property with my mom 's consent?
7. Is there any possibility of raising repartitioning that my brother can do as my mom has life interest on my property in the event of death of my mom?
8. I suggested that I can put a clause that my mom can live until death in the home that I build on the land I get through partitioning. But my brother oppose this telling that my mom should have life interest on my property. What is the right clause .... as i suggested or life interests?
9. My brother also told that even famous legal practioners fear to put life interest on the property. Is there any danger in putting life interest of my mom in my property?
vamsi
(Expert) 14 December 2016
Contact a lawyer
Rajendra K Goyal
(Expert) 14 December 2016
You asked:
What is actually the life intetest?
Reply:
Academic question, refer dictionary / ask your brother.
You asked:
Will this life intetest of my mom on my property get terminated automatically in the event of decease of my mother?
Reply:
Yes, provided anything contrary is contained in registered family settlement deed.
You asked:
When the mother is alive is it possible for mom to make a will on this life interest so that it is transferred to another person after her demise?
Reply:
She is having life interest, not the absolute ownership in the property.
Rajendra K Goyal
(Expert) 14 December 2016
You asked:
Is it possible for mom to sell this property?
Reply:
As mentioned she is not absolute owner, she can use during her life with no selling rights till mentioned otherwise / agreed in the deed.
You asked:
It is the property that belongs to me but mom has life interest. In this scenario can I get bank loan?
Reply:
Generally not, however depend on type of loan and Bank guidelines, document of the property.
You asked:
In case of any emergencies can I sell this property with my mom 's consent?
Reply:
Depend on the language of the document.
You asked:
Is there any possibility of raising repartitioning that my brother can do as my mom has life interest on my property in the event of death of my mom?
Reply:
After well drafted / vetted by experienced lawyer from your side and duly registered family settlement chances are dim.
Rajendra K Goyal
(Expert) 14 December 2016
You asked:
I suggested that I can put a clause that my mom can live until death in the home that I build on the land I get through partitioning. But my brother oppose this telling that my mom should have life interest on my property. What is the right clause .... as i suggested or life interests?
Reply:
Situation depend on mutual consent and agreement. Both have their merits and demerits, can discuss with your lawyer.
You asked:
My brother also told that even famous legal practioners fear to put life interest on the property. Is there any danger in putting life interest of my mom in my property?
Reply:
Discuss in detail with your life.
Kumar Doab
(Expert) 14 December 2016
Isn't it the same query?
http://www.lawyersclubindia.com/experts/Partitioning-assets-after-demise-of-father-617751.asp
Kumar Doab
(Expert) 14 December 2016
The suggestions made in other thread are not being repeated.
You may confirm If both of you and your brother are keeping share of mother ( her share from her husbands property+ her own property) intact in partition deed?
Noted that you have posted:
"My brother is an LLB graduate and is crooked minded. "
Kumar Doab
(Expert) 14 December 2016
Generically speaking: Registered Family agreement shall prevail.
Language shall decide the rights.
You may respond to posts in this thread.
R.K Nanda
(Expert) 14 December 2016
repeated query.
JAGADHEESH
(Querist) 14 December 2016
Thank you very much. Sorry for the inconvenience caused due to repetition. But the situation demanded it. Thanks a lot for the valuable reply
Rajendra K Goyal
(Expert) 15 December 2016
Repetition not a good habit.
If not satisfied with the replies in this section, should contact local lawyer for detailed discussion / guidance.
Kumar Doab
(Expert) 15 December 2016
Although you have responded to the points raised.
It is felt that your issue shall not resolve easily and you need to understand that : is it since; you are not providing due share of mother.
Still you are welcome for coming back to thank the contributors/experts.
JAGADHEESH
(Querist) 15 December 2016
Issue seems running. My arguement was to divide the property in 3 shares and give it mom, brother and me with absolute ownership. And mom can stay with me or brother as she decides. And her share can be given to brother and me using a will or as she desires.
Rajendra K Goyal
(Expert) 15 December 2016
Your approach is practical and appropriate.
JAGADHEESH
(Querist) 08 February 2017
Sir we made a meeting along with two moderators. Now before writing partition deed and document writing we decided to make an agreement based on the acceptence emerged in the meeting. Can we write agreement in white papers in two copies one to keep with brother and one to keep with me? Or is there any need of stamp paper for writing this agreement? If so what value of stamp paper has to be used?
JAGADHEESH
(Querist) 08 February 2017
Sir we made a meeting along with two moderators. Now before writing partition deed and document writing we decided to make an agreement based on the acceptence emerged in the meeting. Can we write agreement in white papers in two copies one to keep with brother and one to keep with me? Or is there any need of stamp paper for writing this agreement? If so what value of stamp paper has to be used?
