inheritance

Querist : Anonymous (Querist) 03 November 2010 This query is : Resolved
I have a flat on my name. I have 3 children. I want to nominate and will the flat on my youngest daughter's name. Can I legally do it? What are the loopholes possible? what is the foolproof method of seeing to it that she has no problem after my death to get my flat.

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R.Ramachandran (Expert) 03 November 2010
Dear Anonymous,
We have been repeatedly clarifying in LCI that a owner of self-acquired property can dispose of the property in any manner that he likes and there is no legal difficulty.
If you want to write a will in favour of your youngest daughter you can do so. But the WILL granted by you will take effect only after your life time (death) not before that. The Will can be registered / not registered - both will have the same effect. There should be two witnesses to the WILL. [You please be aware that in case after some time if you want to change your mind for whatever reason and want to take back the WILL you can do so. Thereafter if you wish you can write a fresh will - this time it can be in any body's name or in the the name of all your sons / daughters etc.]. Thus, by granting a WILL, while you will enjoy the property during your life time, the property will go to the person in whose favour your granting the WILL. There is no cost (Stamp Duty etc.) involved in the WILL.

Arun Kumar Bhagat (Expert) 03 November 2010
As a precautionary measure you appoint two persons of strong reliance as witness.

adv. rajeev ( rajoo ) (Expert) 03 November 2010
It is your self acquired property. You can gift it to your youngest daughter. If you made a will it only come in to operation after the death of executant.