Dear Client,

Definitely, your parents may live in the property. But you wife also has ownership right. If she liked your parents then there is no issue. I will be better if you transfer your share in the property in the name of your father or mother. 

1. YES .... You can create Life Interest Staying Rights in your own 50% of the property (which is in Joint names) and thereafter the Property shall vested with Wife.

2. BASIC WORDS:  I will my 50% property to my Wife, with condition that my Parents shall have Life Interest Staying Rights in my share of the property and such property shall not be sold /gifted /willed /donated by my wife, till my parents are alive.

you can execute gift deed for your 50 per share in property in favour of parents 

2) you cannot transfer entire property in name of parents without wife consent 

3) your parents can enjoy the property during their lifetime and on their demise your wife would be absolute owner of property 

If complete contribution in purchase made by you than you are sole owner.

You can execute Will with life interest to your parents and only after their demise property will inherit to your wife.

Or if both have contributed in purchase than also you can bequeath your 50% share with life interest to your parents and than inheirted to wife.

- Yes, you can write a WILL under the above said conditions , and it is very much valid, 

- However, you cannot execute the whole property without the permission of your wife , being the joint owner of the property

1. Yes. You can give right of life estate to your parents in the Will.

2. Even if you don't leave any Will then also your mother will inherit the property along with your wife and children, if any. 

Still you can make a Will and bequeath your property to the person of your choice inclusive creating Life Estate in favour of them.

You and your parents has full rights towards life that how you all want to live the life as per fundamental rights of the Indian Constitution Act, that is Right to Life Article 21.

Article 21 states that “No person shall be deprived of his life or personal liberty except according to the procedure established by law.” This Article mentions two basic terms ‘life’ and ‘personal liberty’. The term ‘life’ used here is something more than mere animal existence. The inhibition against its deprivation extends to all those limbs by which life is enjoyed. ‘Personal liberty’ means the liberty of an individual to behave as one pleases except for those restraints imposed by laws and codes of conduct of the society in which one lives to safeguard the physical, moral, political, and economic welfare of others.

Yes,Definitely. 

You may prepare a WILL and put the same wording the way you have posted in the present matter. 

You need two witnesses to attest your WILL and they should not be a beneficiary and executor of your WILL.

While finalizing WILL Please appoint an Executor of your WILL who should not be beneficiary of your estate. 

The WILL is not mandatorily required to be registered with competent authorities, it is optional for your choice for registration. 

You may put your own clauses in common parlance and complete the WILL in favor of your parents and wife for their lifetime benefits and interest. No harm using your own words in lucid language which are sound and clear without any ambiguity latent or patent. 

Hello,

1. As you are the joint owner of the flat with your wife, you can make a Will only regarding the 50% undivided flat that belong to you. Therefore if you want your parents to live in there you must get the consent of your wife for the same..
2. Secondly, a Will shall take effect only after the death of the testator, and therefore your proposal in the Will that your parents be in use and occupation of the flat  cannot become operational while you are alive.
3. You may instead enter into a family settlement deed where you can propose to bequeath your share to your wife with the condition that the parents shall be in occupation as long as they are alive. You can then make a separate Will bequeathing your part of the flat in favour of your wife if you pre- decease her.

A Will is a document which ensures that your wishes with respect to your assets and property are followed after your death. A Will is defined as "the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death." In other words, a Will or a Testament means a document made by person whereby he disposes of his property, but such disposal comes into effect only after the death of the testator.

So life estate created through a will  only effected  after your demise. 

Senior Citizens Act, 2007 casts legal obligations on children to maintain their parents/grandparents.So they have right to live your joint ownership property if they wish so. 

Yes you can execute a will if you desire to. 

You can make your parents live in the property till their lifetime on discretion.

Legally you cannot create any rights to them until you and your wife relinquish your rights in the property by transferring the property to their by executing a registered gift settlement deed.

Yes this WILL can be created by you.

For exact draft you need to contact particular lawyer 

as a joint owner of said property you can execute gift deed Or will in favour of your parents but not for entire property, only 50% share you can execute 

Dear Sir/Madam,

You are suggested the said WILL should be jointly written by you and your wife. 

1. Yes you can create life interest of property enjoyment rights for your share in the property.

2. It will be better if that will is signed by your wife as one of the witness. 

The property us in your and your wife's name. You can make a will and state that your parents would be looked after your wife in case you are no more. They have a right to stay in the property.

Dear Sir,

If your wife have no objection then only you can create such life interest since you are the owner of 50% of that property.