Transfer of Property to the partnership firm through Will
3 weeks ago
Me & My sister are partners in a partnership firm, for some contract the eligibilty is that the firm shall have minimum financial capital (fixed & movable assets) of ₹ 2 crores. My father has fixed assets of ₹ 4 crores, can he transfer these assets to our firm by writing his will in the name of the partnership firm/
A.Dear Client,
If your father's assets are self-acquired property, he has the legal right to dispose of them as he sees fit, whether through a will, sale, or gift. However, achieving your goal of showcasing the assets under the partnership firm's name won't be possible through a will, as it becomes effective only after the testator's demise. It's advisable to transfer the assets directly to the firm to achieve your objective.
If your father's assets are self-acquired property, he has the legal right to dispose of them as he sees fit, whether through a will, sale, or gift. However, achieving your goal of showcasing the assets under the partnership firm's name won't be possible through a will, as it becomes effective only after the testator's demise. It's advisable to transfer the assets directly to the firm to achieve your objective.
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A.Dear Sir,
Yes, by executing a Will your father can do that but to execute the terms of Will after his death he is very complicated like filing probate case etc.
Yes, by executing a Will your father can do that but to execute the terms of Will after his death he is very complicated like filing probate case etc.
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A.Dear Client
If the assets or properties of your father are self acquired property then as per the law he can dispose/transfer the property to anyone he wishes to in any of of the mode. He can will it, transfer through sale or gift depending on his wish and desire.
But what you are trying to achieve herein will not be possible through the instrument of Will as will becomes operative only after the demise of the testator, i.e., the will maker so in this case you shall not able to showcase the assets in the name of the partnership firm. Better to transfer the assets to the firm
If the assets or properties of your father are self acquired property then as per the law he can dispose/transfer the property to anyone he wishes to in any of of the mode. He can will it, transfer through sale or gift depending on his wish and desire.
But what you are trying to achieve herein will not be possible through the instrument of Will as will becomes operative only after the demise of the testator, i.e., the will maker so in this case you shall not able to showcase the assets in the name of the partnership firm. Better to transfer the assets to the firm
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