Successive transfer of property
bhuvi garg
(Querist) 19 March 2012
This query is : Resolved
a person want to transfer property successevily to a for his life the to b and so on..by how many legal instruments above arrangement can be made?
thanks
Adv.R.P.Chugh
(Expert) 19 March 2012
The above arrangement can be made by only one instrument only, by creating a life-interest in favour of A, followed by a life interest in favour of B - however there are certain conditions to this. This cannot disturb the rule against perpetuity.
The state accepts that this kind of arrangement is harmful to the property and to the economy, the property should move freely, hence as per the law - you can create as many life interests as possible as long all of them are living at the date of transfer + if made to an unborn person - he/she conceieves before last holder dies.
If you could tell the specific facts - would be able to guide you better
V R SHROFF
(Expert) 19 March 2012
"""WILL,"" WITH ALL THESE CONDITION
bhuvi garg
(Querist) 19 March 2012
only though will or by gift also.
A V Vishal
(Expert) 20 March 2012
A family trust is the best option.
V R SHROFF
(Expert) 20 March 2012
IF "a" sell, b never get!! how family trust or gift will serve his purpose???
Deepak Nair
(Expert) 20 March 2012
Well advised by Mr.Bharat.
ESTHERPRIYA
(Expert) 21 March 2012
It can be done in a single instrument
