I have two minor kids and want to secure their future by purchasing a immovable property. As my wife has died and I am suffering from kidney failure, I am quite more concerned. I have a caretaker, not related to me but quite much closer than any of my relatives and to whom my kids are very much attached. She also has a daughter younger than my kids.
Now my question is that can I purchase property jointly in name of my kids and her daughter, making her a guardian or in her's name with clear condition that if by consensus, after my kids become major, if all of them, that is my kids, her daughter and she herself want to sell the property, 1/3 part of the property value shall be awarded to all the three kids. And in case of her demise the property shall equally to be shared with the three kids after they become major.
You can purchase the property in the name of kids but then you cannot interfare with that untill the kids attain majority ,and once they attained majority the it will be their wish to deal with the proeprty;However you ccnnot impose conditions in sale deed for selling infuture and all that.
It is advisable for you to make a detailed will deed and register it. The will deed becomes operative after the death of a person. You can nominate the administrator and care taker of your kids and property.
