You can execute will bequeathing all your assets to son
the will should mention that your wife will have life interest in said properties and your son can sell the properties after her demise
I would like to assign all my property to my child with full right to enjoy it for my wife also. Trouble is I do not know what family property is in my name. I know some of the insurance products in my name though. So in summary I would like to assign all known and unknown assets to them. Is it possible?
You can execute will bequeathing all your assets to son
the will should mention that your wife will have life interest in said properties and your son can sell the properties after her demise
Much appreciated sir. Will this be effective during my life of only after my death? I would like it to be effective as of the date of execution and to include all my assets till date. Thanks
Will takes effective only on your demise
You can execute conditional gift deed in favour of your son wherein your wife has life interest in the property
1. Execute Gift Deeds for your various movable and immovable properties in favour of your wife and son. The Gift Deeds are to be registered in the jurisdictional Sub Registrar's Office. Immediately the transfer of property takes place in favour of your wife and son, on their acceptance of the Gift, during your lifetime itself.
2. Alternatively, you can execute a WILL in favour of your wife and son in respect of all the movable and immovable properties. The transfer of properties takes place in favour of your wife and son, after your lifetime.
There's no provision in law to assign your properties to your children or wife but you can transfer the properties lying on your name as on the date of execution, by executing a registered settlement deed on their joint names with allocation of their respective shares accordingly, you can even hold life interest on them.
If you want to have the insurance policy claim amount to go to them, you can make both of them as nominees
By executing a conditional settlement deed in favor of both your wife and child, you can insert the clause entitling you to hold lifetime interest over the properties, which means they can physically acquire them only after your lifetime.
If you do not know how much properties you have in your name than kindly ask property details from your Village Gram Panchayat office. In Maharashtra it's called as Form 8D.
- You can write a Will in the presence of two witnesses to assign all your property and assets to your child after mentioning that they will have full right to enjoy and none having right to object and claim the same.
- However, giving details of property is better for removing future hurdle.
- Further, you can also registered a gift deed in favor of your child for transferring all the properties during your life time , and even it can be conditional as well.
It is possible. You can execute a will for the same with your child as benefiary. Will will come into operation only after your death.
If you want the properties to be transferred from the date of execution, you will have to execute a gift deed but for executing a gift deed, the details of all the properties which are being transferred should be known.