Query about property distribution
rajesh singal
(Querist) 13 August 2013
This query is : Resolved
Dear Experts,
I have two sisters. One of my sister is married(with childerns, quite well off) and other one is not married. I want to give a flat(property) to my unmarried sister for her to stay, enjoy, sell and may use that money to accuire new property only on her own name. Means whatever she wants to do with it on her own. However with a condition that whatever is left out (from what i gave- assets) after her life, should go back to me or my childern(whosoever live afterwards) specially excluding my other sister and her childrens.
Both my sisters are attached to each other and i am afraid if i give property to one, she may transfer it to other one or do a will in other's favour.
Is it possible to force this condition on my unmarried sister through a family settlement aggreemnt? or some other means.
I don't want to keep flat on my name so that unmarried sister should feel a freedom to enjoy the asset without anyone's (not even my) obligation.
Anirudh
(Expert) 13 August 2013
Dear Mr. Rajesh,
The only way in which you can do so is by writing a Registered WILL - whereby you can say that the property will be used by your sister during her life time, and after her life time, the said property would go to your children.
THOUGH THE WILL will take effect only after your demise, yet, since your intentions are to provide for your sister whom you love so much, you can give the possession of the property to her even during her life time (though it will continue to be in your name during your life time).
THERE IS NO OTHER WAY IN WHICH YOU CAN ACHIEVE YOUR OBJECTIVE.
prabhakar singh
(Expert) 13 August 2013
The law is that while executing an inter vivos transfer deed(sale or gift deed)the transferor can not impose any clog on the title passed on to transferee.
You desire that property reverts back to your children after her,for which the only thing you can execute is WILL,as advised by
Mr. Anirudh.
