Akash Singh Bali (na) 04 June 2014

Safe guard parents property from future litigation.

Hello fellow members,
I am a single self-employed professional about to to marry my fiancée who is a divorcée with a child. I have no issues supporting and providing for her and the child, but I'd like to safeguard my parents rights for any eventuality. I would highly appreciate if forum experts could answer couple of my queries.

How do I give back ownership of the property bought in my name by my parents both jointly and single ? Without too much of tax implication.
They want to leave my inheritance to my natural born children only instead of me.
Is it possible and how do they do it ?
In case of my death / Divorce I'd like to leave my inheritance to my natural born children and my parents as custodian till they are 21. I am ok with any assets that I create after my marriage going to my wife and all the children.

Thanks

Akash

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5 Replies

Adv. Chandrasekhar (Advocate) 04 June 2014

1. You can execute a gift deed in favour of your parents in respect of the property which you owned right now. Gift duty and registration charges have to be paid. After that, your parents can execute a will of the entire property they own in favour of their grand child/children, with a provision exclusing you, your wife (would be) and her child, who she bore through her first husband.

2. The property in future you acquire, you can draw a will in favour of your wife (would be) and your children. If you want to add your step daughter then, you have to specifically mention her name for equal share and if you do not want to add her name, then that also be expressly mentioned excluding her right to get any of your property. God forbid, if you pass away without leaving any will, surving your mother also, then your property will be equally shared between your mother, wife, your own children (each child gets equal share) (not your step child).

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Shonee Kapoor (Legal Evangelist - TRIPAKSHA) 04 June 2014

Do the step suggested in para no. 1 get married.

Regards,

Shonee Kapoor

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If you don't fight for what you want, don't cry for what you LOST.

ANAMIKA VICHARE (LAWYER) 05 June 2014

One thing keep in mind that if you adopt yr fiancee's child...then you wont be able revoke the adoption at any time in future and the child gets all the rights as natural child....But one thing I do not understand you are marrying her out of contract or out of love ?? The childis hers but if you aceept her and do not accept her child, then what would be the scenario, You are going to stay in one house. Accept the child also..

Anamika Vichare

Purush Hakka Saurakshan Samittee

Akash Singh Bali (na) 06 June 2014

Originally posted by : ANAMIKA VICHARE
	One thing keep in mind that if you adopt yr fiancee's child...then you wont be able revoke the adoption at any time in future and the child gets all the rights as natural child....But one thing I do not understand you are marrying her out of contract or out of love ?? The childis hers but if you aceept her and do not accept her child, then what would be the scenario, You are going to stay in one house. Accept the child also.. Anamika Vichare Purush Hakka Saurakshan Samittee