Hi We are doing a will for my father, he has one Apartment in his name which is the ONLY immovable property. In the will we wish to have the property divided amongst my Mother (30%), Sister (30%) and Me (40%). I wish to know what is the best way to approach this so that there are not too many legal agreements that we have put in order to Co-Own this property. What is the best way to have the property co-owned regards Harish
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Father can execute will bequeathing flat to your mother , you and your sister
2) it should provide that in case any of the beneficiaries want to sell his share in flat other beneficiaries can purchase his share by paying market price of share in flat
3) appoint executor of the will
4’) will should be attested by 2 witnesses
Father can make a registered will deed in favor of beneficiaries, father can register the will with sub registrar office.
Will will execute in a simple draft, in whcih father will declare himself sole owner of property. And his desire to bequeath it between his legal heirs in given %. % will decide ownership in property but not portion. Attested by 2 witness and get it notorise or registered.
If all of you want to keep the wish of your father then go for partition deed and divide the property as per the shares mentioned in the Will.
You can take Probate of the Will as well to act as per the terms of the Will but the same is both time consuming and not so const effective.
WILL seems to be a better option.
Regards
G.Rajaganapathy
High Court of Madras
This will be co owned property after the death of your father.
I think it will be good to narrate the actual holder of the apartment and make a will to transfer the property to mother only and make restriction to transfer the property without the noc of rest two and transfer the property as agreed after her death.
The apartment cannot be physically divided in the manner what yo have mentioned, however there is no infirmity to write a Will mentioning each individual's share to the ratio what you have mentioned.
Al the beneficiaries named in the Will shall be entitled to their respective share in the property as stated in the Will, when it comes for partition, since it cannot be physically partitioned, one of the beneficiaries may offer to buy it at the mutually agreed terms and conditions or may refer the matter to court o auction sale and distribution of the sale proceed as per their ratio of share in the property
1. The best way is to register the will with sub registrar.
2. the will should be signed by atleast two witnesses at time of registration.
Your father can execute registered will in favour of legal heirs class1. A Will has to be executed by the testator, by signing or affixing his thumb impression on it. It should be attested by two or more witnesses, each of whom should have seen the testator signing the Will. Though the registration of a Will is not compulsory , it can be registered with the sub-registrar
In his Will your father can very well bequeath 30% of undivided share in the flat for your mother, 30% for your sister, and the rest for you. However, in future, if you wish to sell it, all the three of you will have to jointly execute the sale deed in favour of the buyer, after your father's lifetime.
Will is good way but will come to effect only after death of testater but gift deed is good way for instant transfer
