Devolution of settled property on the death of the settlee


Dear All,

Thanks in advance for all your time and replies

My mother wants to settle her property on me while retaining life interest in the same. 

But suppose something happens to me, then, will the interest in the settled property vest in her or will it pass on to the heirs.

In general, how does the property which is settled on someone devolve if the settlee expires before the settlor ?

Regards

Geetha

 

 

 

 

 
Reply   
 

Dear All,

Thanks in advance for all your time and replies

 

I noticed a mistake. i need to correct it. so here it is:

 

My mother wants to settle her property on me while retaining life interest in the same. 

 

But suppose something happens to me, then, will the interest in the settled property vest back in her or will it pass on to my heirs.

 

In general, how does the property, which is settled on someone devolve if the settlee expires before the settlor ?

 

Regards

Geetha

 
Reply   
 


Advocate,9444674980

It devolves upon the CLASS I LEGAL HEIRs

 
Reply   
 

Do you mean Class 1 legal heirs of the settlee ?

Meanwhile, found this - Kokilambal & Ors Vs. N.Raman [2005] Insc 270 (21 April 2005).

Your valuable opinion please.

Thanks

Geetha

 

 

 

 
Reply   
 
Advocate,9444674980

Gone through the judgement, it differs from the one in hand .

 
Reply   
 

Dear adv Raghavan

Thanks for time and opinion.

From which judgement does the kokilambal case differ and how ? do you mind explaining.

I think when you say the property devolves on class1 heirs, it is the heirs of the settlee, is it ? if that is so, the situation is dangerous for the settlor. The point is, from the settlor's point of veiw, that the settlee may be trustworthy but heirs of settlee may not be necessarily so.

Essentially, i was looking for some way to protect the settlor  in case something happens to the settlee before the settlor. The Kokilambal case seems to offer such an option.

do you know of  there more cases like this

 

Regards

Geetha

 

 
Reply   
 
Advocate,9444674980

A Settlor can reserve a life interest for himself or herself in the property. Reserving a life interest means reserving an interest or estate, which is determined on the termination of life of the Settlor.

This means that after the lifetime of the Settlor, the property will pass on to the beneficiary without any further act on the part of the Settlor.

The Settlor can also reserve a life interest in favour of the Settlor’s spouse or child, if so required.

The ultimate benefit can be vested in favour of the spouse or a child or children or even grandchildren depending on the manner in which the Settlor is desirous of distributing his or her property.

 
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