Rental property
7 months ago
I have a will that states that my late grandfather wants me and my sister to inherit a rental property after the death of his wife (alive). His wife and her family do not communicate with us but we have spoken about this particular will and they are aware of it. The only problem is that i have no idea how much rent it generates nor the condition of the building. Is there a formality for me to follow, like, prepare a probate or register the will? Is there a way I can legally demand to know the financials and examine the building?
A.Dear client,
Once the beneficiaries and their shares, rights and liabilities are decided, the property has to be transferred in their names. For this you need to apply for property transfer at the sub-registrar's office. “In most of the cases (documents needed are) Will; or Will with probate or succession certificate.
Once the beneficiaries and their shares, rights and liabilities are decided, the property has to be transferred in their names. For this you need to apply for property transfer at the sub-registrar's office. “In most of the cases (documents needed are) Will; or Will with probate or succession certificate.
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A.Will is in general the legal declaration of the intention of the testator with respect to his properties which he so desires to carry into effect after his death. The Testator may appoint an Executor to give effect to his Will. Section 213 of the Indian Succession Act, states that unless a Court of competent jurisdiction, in India, has granted probate of the Will under which the right is claimed or has granted Letters of Administration. Probate can be granted only to the executor appointed by the Will as per Section 222 of the Act. A probate establishes the title of the beneficiary in the property received by him under the Will. Thus an executor or legatee cannot establish his right under the Will in a Court of law without obtaining the Probate or Letters of Administration. In your case, the condition of your deceased grandfathers WILL become effective after the demise of your grandmother. So, before the demise of your grandmother, you cannot exercise any right to inherit the rental property as per the condition of the said Will.
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