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How to extend the ownership to children without involving them
09-Apr-2023 (In Property Law)
My wife and I with our daughters stated at an ownership flat wherein I was the Co owner. Another property which was mentioned in the will also names me as beneficiary.My beloved wife passed away on 14/12/2017.I have filed for probate and I am sure to get my property left to me by my late wife.My issue is how to get Self,and both daughters to create a joint owmership righs,right to tenancy with survivorship effect. As I desire that I do not want my daughters to undergo courts petitions...etc .Should a gift deed suffice or some other thing requires to be done. I await your reply Please guide me in this matter
Hi. From your query I understand that you are a co-worker of a flat in which your deceased wife was also a co-worker. Now after her demise, her share in the flat will go to her widower and children. But as you have stated that she left a Will, then you will have to inform whether you are mentioned as a beneficiary of her share in the flat. If yes then you become the absolute owner of the flat provided the your daughter's consent to the same in the probate petition. Now coming to the second property stated to have been left to you by your wife in her Will, that too will have to test the probate petition where your daughters will have to consent for transfer of the same to your name. Once you become owner of both the properties, you can obviously gift away 2/3 share in those properties to your daughters in equal proportions, that is, 33% each. So in effect you and your daughters become 1/3 co-owners of the properties. You will have to get a gift deed drafted by a competent lawyer. I can help you out there. The stamp duty payable on the gift deed is only Rs. 500/- and the deeds will have to be registered. In this way you will have settled the properties in your lifetime itself. And yes, if you do not wish to be a co-owners, then you can gift your entire right in the properties to your daughters equally, that is, 50% each. Once the gift deeds are registered in your daughters' names, they won't have to file any petition in court after you pass away.
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