Hi,
My father was the sole owner of a self-acquired property. He passed away recently intestate, with no WILL. His legal heirs include myself (his son), my mother and sister. In this situation, it is clear that myself, mother and sister would be the joint owners of the property.
However, over the past 10 years, I have been taking care of my parents and the maintenance of the property. I had also helped financially with my sister's marriage. My sister is a homemaker, so I have continued to provide some additional financial support to her even after marriage. Due to these things, it is the desire of my mother to transfer her share of the property to me, so that I would have 2/3rd ownership of the property.
The questions I have regarding this are:
1. My mother can execute a release deed in my favor. However, the property has still not been transferred to our names and might take more than 1-2 years since I work abroad. From a purely legal standpoint, if she executes the release deed, and god forbid something happens to her before the property transfer takes place, would the release deed still be valid?
2. Would a WILL executed by my mother stating that her share of the property be transferred to me be a better option? However, the same question arises about the validity of the WILL if the property has not yet been transferred to the three of us.
Your kind help is greatly appreciated.
Thanks,
Hari
