Execution of will to Joint names in property
My deceased father's ( Mr X) Will main clause reads as :
"I hereby declare/bequeath that after my death my wife Smt A and my son Mr B will be the joint and complete owners (with equal rights of 50% each) of my said property No. 1234, Colony, New Delhi. And if my wife pre-deceased before me or without execute/transfer her share (ie 50%share) of said property, them her share devolves in favour of my son namely Mr B and in the event of transfer of 100% rights of the said property, in the name of my son Mr B or my son sale,gift etc said property, then he will pay some compensate/nominal amount to his sisters, without fail, in the following manner:
(i)Rs.7,00,000/- to Mrs C
(ii)Rs7,00,000/- to Mrs D
(iii)Rs7,00,000/- to Mrs E "
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My father has died on 03.09.2016 leaving his only heirs as wife Mrs A, Son Mr B and three married daughters Mrs C, Mrs D and Mrs E. The said property is a freehold 100 Sq yards property in South MCD area. The will of Mr X is registered.
To avoid any hassles in future and also maintain a streamlined set of property papers, We wish to get the property registered with State registration authority( not MCD only but district registrar also) in the joint name of Mrs A and Mr B as per will statement. All the three daughters are ready to relinquish( in writing) their rights of compensation/nominal payment of Rs7,00,000/- each.
(Q1) What we presume from the statement of the will is that if we execute the will as on today ( wife as well as all heirs are alive) the Will is accepted as "executed" and Mrs A and Mr B will become the joint owners (50% share each) and as such further extended clause of the Will, i.e. "if my wife dies without execute/transfer her share (ie 50%share) of said property" vanishes automatically and since Mr B becomes beneficiary of said property only upto extent of 50% share he wont have to technically pay the compensation either, of Rs7,00,000/- to each of the three daughters. ( Pl confirm)
(Q2) How can we record on papers that Will of Mr X has been executed as on today (or any other day) and accordingly Mrs A and Mr B has become joint owners of 50% share each. ( I believe a fresh "Will" by Mrs A or Mr B will be accepted on records that Mr X's will has been executed)
(Q3) Further, now since Mrs A will become owner of 50% share of said property, she has the full rights to transfer/gift/sell the same to anyone she wishes (even to Mr B also). Can she make a will now and bequeath that after my death my son Mr B becomes the sole owner of my property ( i.e. 50% share of original property). In that case what will be the set of papers carried forwards by Mr B (presuming Mr B remains alive) to avoid any legal claims on said 100% share of property and also be be able to transfer/sell/gift the 100% share of the said property. will there be a single conveyance deed to two different deeds.
As stated above presently the three daughters have no objections of any sort for joint transfer of property till Mrs A is alive and 100% transfer in the name of Mr B after the death of their mother. Mrs A. We want to register their said consents on records now only and not to re-register afresh at a later date.
Pl suggest the options available and process to proceed in this regard.