will, property, ownership

rahul (Querist) 30 January 2010 This query is : Resolved
I bought a property in Mumbai where I am residing and working since year 2000. I was not helped by my parents till date towards day to day working. I was married in 2004 now have a kid too.

The property was bought with a loan of 16.5lac, 4lac my own saving contribution and 1lac contributed by my father in the year 2007 when I bought home. Father expired in year 2008 without a will.

Father left behind the house in varanasi and his business. It was decided that the business would be taken care by my younger brother under partnership agreement. Now mother want to make a will where she want to divide the property and all assets equally between both brothers.

Brother does not want me to be owner of varanasi home b’coz I have a home in Mumbai. He does not want me to be the owner in the business or shop b’coz I am working in Mumbai. If I do, then he needs a equal division in the Mumbai property too, which is in my and my wifes name.

I was working in Mumbai since 2000 and never asked for any help from parents nor did they helped me in anything to set me up in Mumbai. Later when father started visiting me quite often in year 2007-2008 he realized and offered me to help clear loan by Rs5000 a month for eight months then stopped in march and then he expired in may. Since then I have not taken any mmoney from varanasi.

Now how to settle the whole will thing for mom as she know nothing about how to divide the assets and property. She has insurance policies which is being paid from varanasi partnership business managed by younger brother and a FD.

Kindly advise .
Regards
Rahul

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Guest (Expert) 30 January 2010
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Manish Singh (Expert) 05 February 2010
Dear Mr. Rahul
you can seek partition of all the property left behind by your father or the ancestral one. your brother will not be able to ask for any partition in your Mumbai property. the property shall be equally divided between you, your brother and your mother..so ask your mother to bequeath her properties in 50-50 ratio between you and your brother.
in alternate your mother shall inherit all the property being the wife and then shall bequeath the properties in equal proportion to you and your brother.

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