LIVING WILL/LEGAL DOCUMENT

MUKESH K MOHAN (Querist) 16 October 2009 This query is : Resolved
I want to make a legal document fixing my wife and children as beneficiaries for the immovable and movable properties and that other than the above beneficiaries no other person including my father and other blood relations like brother and sister have right in claiming the property whether I am alive or after my death. Presently the immovable property is under bank loan. The legal document should be such that even I should not claim right on the property once it is legally documented in the name of the above beneficiers and handed over to them. Please advice is there any provision to make such a document if so name of the document and I shall be thankful if you could send me a format. Also let me know whether such document should be registered or just mere posessing the document will suffice so that no body would have claim on the property. Thank you plese reply me.

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A V Vishal (Expert) 16 October 2009
The operation of a will comes into force on the death of the testator (Author) only although execution of will is a way but the will can be changed any number of times by you during your lifetime even if the same is registered also.You can execute a gift deed or a settlement deed in favour of the beneficiaries stated above in your query and get the same registered which will give an irrevocable nature to your wish.

niranjan (Expert) 16 October 2009
If during your life time you want to dispose of your property, the Will is not good,but sale-deed is the best, gift is also good. You have not clarified that whether the property is your self earned or ancestral property? You have right to dispose of only self earned property.

Sachin Bhatia (Expert) 16 October 2009
Better for you to make a will mention in it that your wife and children are beneficiaries for the immovable and movable properties left by you and register it.

Anish goyal (Expert) 16 October 2009
Although registration of will is not required but is adviseable as Sachin sir has advised you, as it will be easy to prove a registered will in case any depute arise.

Raj Kumar Makkad (Expert) 16 October 2009
Some of experts have failed to note that the person making quarry is saying he wants to transfer his all property during his life time so better immediately make gift of all your property in favour of your children and wife (who shall have also to become your legal heirs after your death). It hardly matters whether it is an ancestral property or self acquired as all your egal heirs are getting the gift in their appropriate (equal) share. so far as sending its format is concerned, I suggest to either services of local lawyer or deed writer as this document is required to be registered and stamp duty is also payable. Will is not required at all keeping in view your desire.