Settlement by parents in f/o children for property
2 years ago
I am 82+ years and my spouse 79 years and are in Chennai. We have an apartment at Chennai with 50:50 share. We have two children-a son and a daughter both well settled with happy family for themselves.
Can we together (joint) make a settlement Deed at Chennai for our children to share on 50:50 basis?
A.Dear Sir,
It is better to execute separate Gift Deeds or Will instead of joint deed. You must also described how to share 50% each if such building is not physically divisible. You may approach local advocate for drafting.
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It is better to execute separate Gift Deeds or Will instead of joint deed. You must also described how to share 50% each if such building is not physically divisible. You may approach local advocate for drafting.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Dear Sir/ Madam,
Yes, you can definitely make a settlement deed at Chennai for your children on a 50:50 basis and get it registered. However, if there is no hurry and both of you consent to the settlement mutually then you can always settle the matter with a will.
Thank you
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Yes, you can definitely make a settlement deed at Chennai for your children on a 50:50 basis and get it registered. However, if there is no hurry and both of you consent to the settlement mutually then you can always settle the matter with a will.
Thank you
If find this response useful then please rate me.
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A.Yes sir you can but you do a settlement deed then you will have to register the deed and pay a hefty stamp duty and registration fee for the same so better you make a will which very economical and hasslefree.
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Advocate Sinjari Bandyopadhyaya
Responded 2 years ago
A.You don't need to make any Transfer Deed/ Settlement Deed in favour of your two children because after their parents' death without making any Will, by Laws of devolution the Ownership of that apartment will automatically devolve upon your two children, each having equal share therein and after obtaining Legal Heir Certificate,both the son and daughter will be entitled to mutate their names in the Record of rights in the place and stead of you and your spouse.
You have to keep in mind that after the death of either of you without making any Will, the 50% undivided share of that deceased spouse will devolve upon the surviving spouse and two children,each having undivided 1/6 th share in deceased person's property.
Therefore,the surviving spouse will then be entitled to 1/2 + 1/6 th= 2/3rd share in that apartment so your children will not be entitled to evict that surviving spouse from the apartment which otherwise the children can if the entire Ownership of that apartment is transferred in the children's favour during the lifetime of the parents.
You have to keep in mind that after the death of either of you without making any Will, the 50% undivided share of that deceased spouse will devolve upon the surviving spouse and two children,each having undivided 1/6 th share in deceased person's property.
Therefore,the surviving spouse will then be entitled to 1/2 + 1/6 th= 2/3rd share in that apartment so your children will not be entitled to evict that surviving spouse from the apartment which otherwise the children can if the entire Ownership of that apartment is transferred in the children's favour during the lifetime of the parents.
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