Kailash Joshi (accountant) 21 February 2014
Dear Sir/Madam, Mr. A has acquired various properties, in some property he has mentioned spouse and in some son as co-owner. Thus agreement contains both names. However, Mr. A deceased and have bequethed by mentioning all the above properties in his WILL equally to all legal heirs.
Q1) What will be legal implications, whether the WILL or Agreement ?
Q2) If Property is co-owned and one of the co-owner, is using property for self residence, then can other co-owner demand market rent?
Kumar Doab (FIN) 21 February 2014
A has given away his share by WILL to all legal Heir.
The co owner is owner of his share only.
It is better to partition properly and demarcate.
The legal heir and co owner cam buy out share of each other, rent or sell as they please.
Amicable settlement shall be the best option.
It shall be appropriate to show all docs to a local lawyer and proceed under expert advise of the lawyer that has examined the record and inputs.
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