Sir, Our relative are not good. what is the best way to safe guard my property for my minor children , in case of death of me and my wife. The property is on my name(Vishnu).There are 10 acres agricultural land and 2 houses on my name. 1) worried that my relative may submit fake will and take the property on death of me and my wife. 2) if the property is registered on my minors kids name. is not possible for one my relatives to get the court permission and sell all the properties and misuse the money. 3) is trust better? please suggest best way to safe guard the property for my kids
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You can execute registered will bequeathing property to your wife
2) in the event wife predeceasing you property would devolve on your 2 children
3) will should be attested by 2 witnesses
4) in the alternative you can execute gift deed in favour of your children
5) for sale of property court permission would be required
6) court would grant permission only if sale is necessary and direct sal proceeds be deposited in fixed deposit in minor names
1. In that event make a registered Will in favour of the children and keep it under safe custody of your parents or in alws. This would pre empt any effort of your relative to grab the proeprty.
2.Yes,you make a registered deed of settlement also in favour of yourself,your wife and the children.Then also your relative could not do anything.
3. Trust or Settlement deed is more or less similar. You Can choose either of the two.
1) sir, The register officer told me that there is no advantage of registered will over unregistered will. so fake wills can be create with fake dates to take the property . 2) gift deed on minor is same like registering property on minor right? 3) is it mandatory that the sale amount be deposited as fixed deposit? what if the guardian show more expenses and misuse the money?
1) once gift deed is executed stamped and registered minor would be absolute owner of property
2) court would grant permission to sell property if sale proceeds for minor share is deposited in fixed deposit
I have already advised on this score and nothing to add more.
1. You execute a registered will and get it probated during your lifetime. This should be sufficient to repel any forged will that other may set up after your lifetime.
2. Anybody can file any civil suit to challenge a gift or will. There is no instrument of transfer of property which is beyond the pale of judicial challenge.
3. The registered will is more likely to sustain a legal challenge as compared to an unregistered will. The registrar is a fool.
1. If your children are minor then form a Trust for their welfare and maintenance from the properties to be maintained by the trust.
2. In the said trust deed, ensure that it is mentioned that after your children attain adulthood, the trust will be dissolved and the property will be go to each of the children the way you mention.
3. If you convey the title of the properties in favour of your minor children, then after your demise the said property can not be sold or dealt with by any body for the maintenance of your children without the written approval of the District Judge which shall have to be obtained by filing an application to that effect.
1. Will need not be registered. Moreover, probate of the will shall have to be availed from the Court after filing an application duly paying Court fees for a maximum amount of Rs.50K.
2. When they are minor, what do you expect them to do with the said properties proposed to be gifted to them by you, in case of your untimely demise? How shall they be maintained?
3. Your best course of action will be to form a Trust and act as advised earlier.
You can transfer the properties in your minor children name and appoint your wife as their guardian.
if there arises an unfortunate event to your wife during the minority of your children, then you can create a trust after that to take care of their property during their minority.
When the property is on the names of the minor children, nobody can cell them without the permission of court, hence it will be safe and secured.
1. Creating a will and bequeathing the properties to the minor children by a will is not advisable.
2. Instead o gift deed, execute the transfer of property by a registered settlement deed in their favor, which will be cost effective and legally valid step.
3. To certain extent you can have a control and restriction on it.
If the guardian is intentionally doing illegal things, he can be made liable for the losses
The best way for you to execute a will and got its registration and make reputed person of the society as executor of the will. Then executor will get right to enforce the WILL.
