As much as the property is deemed to be a valuable asset that everyone is seen aspiring and vying for, its also often the root cause of conflicting circumstances that arise amongst family members. People are seen battling with their kith and kin over even petty, not to mention far more crucial issues that arise as a result of faulty or flawed inheritance or marriage falling apart.
It's a global phenomenon that finds professionals like property dispute lawyers or property lawyers in India and elsewhere swamped in their respective domain. As they say, prevention is better than cure; in this case, too, real estate disputes can be nipped in the bud or even averted without having to engage a real estate dispute lawyer and all it takes is a bit of planning and foresight. The below-mentioned tips are essentially suggestions or pieces of advice from property lawyers.
1. Carefully Select The Executor of The Will
The vast majority of litigations arise between kith and kin or relations owing to inheritance. Experts are of the opinion that in most cases it's not as much about the will that is the root cause of the problem, rather, it's more about the way of execution of the will that may have led to the conflict in the first place. The vast majority of property owners commit the flaw or mistake of handpicking and designating an executor solely based on the fact that the person may be a prospective inheritor without any prior assessment of whether or not the chosen person fulfills the eligibility criteria of an executor of the will. While designating a designated executor, ideally, a neutral person who does not have an ax to grind from the will as such or can stake their claim; essentially a person who would be unbiased or neutral. An honest, diligent and hardworking person with integrity who would execute his or her assigned duties and responsibilities efficiently and be able to instill confidence amongst inheritors.
2. Carefully Select A Co-owner
Purchasing pieces of properties jointly with relatives is quite common and the reasons for such investments are usually because of tax rebates. Property lawyers in India and elsewhere are of the opinion that inheritance is the root cause of dissension amongst family members. People ought to proceed with extreme caution while making the decision of buying or owning property jointly. Contentions may arise beyond the asset's ownership rights but over the associated liabilities as well including property tax and utility bills. Anyone desirous of co-owning property with members of the family ought to cautiously and carefully select the partner and clarify all matters pertaining to shouldering of responsibilities at the outset.
3. A No-contest Clause to be included in the Will
As already mentioned, an inheritance that isn’t well chalked-out is, in fact, the root cause of the vast majority of once closely-knit families disintegrating; siblings in particular. A well-documented will with a detailed explanation of the asset distribution amongst their siblings or next-of-kin along with the inclusion of a no-contest clause as suggested by some property dispute lawyers. The real reason or purpose for the inclusion of the no-contest clause is to ensure that inheritors are discouraged to the point that they would not be disputing the will’s contents as doing so would put them at risk of losing what the owner had allotted to them. Although this isn’t absolutely a flawless measure, it undoubtedly is a deterrent for those inheritors contesting the will. Property lawyers ought to advise their clients properly regarding the relevant laws of the jurisdiction of their residence.
4. Avoiding Disputes Related to Divorce Through a Prenuptial Agreement
Siblings alone do not necessarily quarrel over property-related assets. Couples who are divorced or estranged are involved as well in a huge number of property wrangles. Both parties jointly owning an asset could be the root cause of legal wrangle over who keeps what when its splitsville for both parties. As a preventive measure, a prenuptial agreement prior to the marriage being solemnized is a step in the right direction towards avoiding problems related to asset distribution. There could be an agreement amongst parties as to the distribution of valuable assets owned singly or jointly by them should they get divorced.
Must Read: PRE-NUPTIAL AGREEMENT IN INDIA
Real estate owners must plan for all eventualities whether framing a will for their near and dear ones or making an investment with another family member. They must engage property dispute lawyers to get valuable advice which can help them avoid such troubles.
Please enter the text