Property
Querist :
Anonymous
(Querist) 07 April 2011
This query is : Resolved
Late husband gave life interest in the property in which our home is (1.2 acres).Also gave life interest share in plantation property together with our sons.
During course of widowhood, this property had increased by 50 pct in acreage from the profits of the firm.
In 1986 the plantation property was divided into two new firms, sharing the property between two sets of sons & myself.
I gave up my share in one division and in lieu was given 1/3 share in the second division.New firm was registered & all property documents put in the names of the 3 partners including myself.
Post division the new firm that I was part of has bought from the profits of this new firm, another 20 pct property in acreage.
Now I want to provide for my married daughters.
My question is whether in 1986 the life interest part left to me by my late husband changed into absolute interest with the formation of the new firm.
And that now I can Will my 1/3 share in the present firm to my daughters, not in the form of property but in monetary terms based on value of the property on the date of my demise, payable by the continuing partners over say a 5 year period with simple interest on the outstanding .
My fellow partners, my sons, say I cannot do so and the entire property comes to them after my demise as it evolved from the life interest given by my husband to me.
I am old now and want to settle this matter at the earliest.
