I am a married hinde age 73, my wife is 71. We have two sons both are married. I have imovable property in joint name with my wife. All other assets such as shares, MFs and bank accounts are in joint name. I wish my wife tobe sole heir of our assets after my demise. My sons to be beneciary on death of my wife, that is both os us. My wife also wish to have a will on similar lins. Plase advice.
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1. Execute a WILL to the extent of your share in the joint property, assets, jewelry, shares, MFs and bank accounts in your wife's name, attested by two witnesses.
2. Registration of WILL is optional and even the unregistered WILL shall have the same legal validity as that of registered WILL.
1. You can give effect to your wish by executing a registered will. The will shall supersede the law of natural succession. If you want your sons to be the ultimate beneficiaries after the demise of your wife then you may create a life interest in favour of your wife.
2. Get a flawless will drafted by a lawyer,
1) you can execute will bequeathing your share in flat , shares , Mutual funds to your wife absolutely
2) it should be mentioned that in case your wife predecease you your share in flat and other assets would devolve on your 2 sons
3) your wife can also execute a will on similar lines
4) will should be attested by 2 witnesses
1.To make the wife sole owner of the immoveable proeprty you will have to gift your half share in the same in her favour.The said gift requires registration which attracts stamp duty.
2. For movable assets as imple gift deed in her name which doe snot registration is enough to make her absolute owner.
3. You can alos make a Will which would come into effect after your death to make her sole owner.
You can execute a will stating that all your properties which are held jointly with your wife shall belong to her and she will be absolute owner to all the properties she acquired through this bequest.
Similarly she may also transfer her properties including this bequest by a similar testamentary disposition in favor of her son,
Both the wills shall be enforceable only after the lifetime of the testators.
