Life interest in will
Raghavendra
(Querist) 20 February 2016
This query is : Resolved
Dear experts-
Need your valuable suggestion,whether a life interest created under registered Will in favor of his daughter by executor is Renanuntiable/releasable in favor of her children through registered Release Deed-
Facts- Father under a registered Will has given a life interest in the property to his daughter who is still alive, it is mentioned that, after her death the property should go to her children and they have power to alienate the same.
Now the daughter(Life interstee) along with her children are planning to sell the property,
Whether the said sale deed to be executed by them is valid under TP Act,
Or can the daughter release her life interest in favor of their children and then they sell the same, whether the said Release of Life interest is valid under TP Act/Indian Succession Act.
Kindly let me know the case laws to this regard.
Santosh Goswami,Advocate
(Expert) 20 February 2016
See, Will gives a power of life interest to daughter. Therefore, the daughter of executor can not sell it dispose it off in any manner. Basically, property has to be vested with daughter's daughter but this will happen only after the demise of daughter who has life interest in it. Its different that if there is no one to challenge the sale, they can do so.
9555462995
Devajyoti Barman
(Expert) 20 February 2016
There is no need to execute a separate deed of release which would attract the stamp duty.
They property can be sold by the life interest holder provided the ultimate beneficiaries namely her children be made a confirming parties to the deed of sale.
This would solve all problem.
Rajendra K Goyal
(Expert) 20 February 2016
Agree with the expert Devajyoti Barman.
