Ownership and will
Ajay Shukla
(Querist) 04 September 2016
This query is : Resolved
A man who is the sole earner becomes a member of a housing society. The society allots him a house. The man pays the society by taking loan in his own name and then pays the entire loan amount from his salary by installments.
Although the society has allotted the house only in his name, the man gets the house registered jointly with his wife as co-owner.
The man writes a will regarding disposal of the property after his death.
Q-
Is such a will still valid now that wife as the co-owner is the survivor?
Can the wife later dispose the property according to her wishes by altering the will of the deceased husband?
Guest
(Expert) 04 September 2016
Mr. Ajay,
How you are related with "A MAN" and his property?
Ms.Usha Kapoor
(Expert) 04 September 2016
Dear Client,
It is important to understand that if an asset is held jointly with right of survivorship, for example, then the asset will pass to the joint owner on death—irrespective of what the will says about the disposition of that asset. A will applies only to those assets that do not have joint owners or named beneficiaries. If an account is held “ITF” (In Trust For), or “POD” (Payable on Death), for example, the funds in the account will pass automatically to the beneficiary listed on the account.
Ms.Usha Kapoor
(Expert) 04 September 2016
Dear Client,
It is important to understand that if an asset is held jointly with right of survivorship, for example, then the asset will pass to the joint owner on death—irrespective of what the will says about the disposition of that asset. A will applies only to those assets that do not have joint owners or named beneficiaries. If an account is held “ITF” (In Trust For), or “POD” (Payable on Death), for example, the funds in the account will pass automatically to the beneficiary listed on the account.Your mother's prior ownership rights to the house as a co owner prevails over the subsequent will executed by your father and as an absolute owner she can do anything she wants with her property as an absolute owner.
Guest
(Expert) 04 September 2016
The academic question is vague in the absence of the contents of the will.
Rajendra K Goyal
(Expert) 04 September 2016
Please state clear and material facts.
Answer the question raised by the expert P S Dhingra ji.
R.K Nanda
(Expert) 04 September 2016
State detailed facts.
Kumar Doab
(Expert) 04 September 2016
You have posted that:
"house registered jointly with his wife as co-owner.'
This implies equal share.
You may post reply to the points raised by Expert Mr. P.S.Dhingra.
Post all material facts.
Rajendra K Goyal
(Expert) 05 September 2016
Author has not replied the question from expert P.S. Dhingra.
Guest
(Expert) 05 September 2016
Rajendra ji,
Hypothetical academic queries, having no background, don't also have answers with the students, if cross-questioned about facts about the case.
Raj Kumar Makkad
(Expert) 06 September 2016
No reply against the hypothetical query especially when the querist is not concerned with the contents of the query.
Kumar Doab
(Expert) 06 September 2016
In that case the thread may be deemed as resolved and closed.
