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Author Topic: Settlement OR Will?  (Read 626 times)

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Offline sivajinow

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Settlement OR Will?
« on: April 22, 2014, 01:12:24 AM »
Hi - I need some legal advice from attorneys in Chennai.

My parents purchased two flats in Chennai several years ago.  My father passed away recently.  We are waiting on a Legal Heir certificate.  In the meantime, my questions are:
- Does the property automatically pass on to my mother?
- Does she have to do anything procedurally (fill out a form somewhere, etc) for the Government to recognize her ownership or is it automatic?
- If it is automatic - Can she settle the properties to her children/write a Will on them?

Assuming no paperwork and she automatically gets ownership, what's the best course of action?
- Write a will for both properties to be shared equally by her two children (assumption is me and my sister will settle who gets which house, etc. after her)
- Settle the properties on us (one each) but she needs to be able to change her mind and cancel it if necessary.  While alive we want her to enjoy all income accruing out of those properties, be able to dispose of them if she needs it for medical expenses or revoke the settlement if she deems necessary.
- Financially, which is better?  I've read somewhere that the max stamp paper cost for a settlement deed is Rs. 10,000 per property (properties are worth 45 lacs and 55 lacs).  Will the cost of a will/probate/assumption of ownership, say in 10 years when property values would be 80 lacs each (average) be far greater than settlement (I can put up with 2X but no more).

Please advice.  We need the services of a local (Chennai based lawyer) preferably in the T-Nagar/Mambalam area who specializes in this area.  Please provide your responses to the above questions as well as contact info. 

Thanks in Advance!!

Offline advmisthi

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Re: Settlement OR Will?
« Reply #1 on: April 22, 2014, 04:57:10 AM »
Here is the link to lawyers in Chennai. http://www.legalserviceindia.com/lawyers/chennai.htm
Adv.Misthi Mukherjee
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