You must Sign In to post a response.
  • Category: Miscellaneous

    Is it correct to give away the property to your children while you are still alive?

    Parents generally distribute their property to their children when they are alive. This they do with good intentions so that after their death, their children should not fight among themselves for the property. I am thinking whether it is correct to do so, after seeing some examples. Yes, I am talking about Vijaypat Singhania, the man who made Raymond a household name, is facing problems for his livelihood after he transferred all his property to his son. Is it correct to give away your property to your children while you are still alive?
  • #605893
    It is up to the individuals there are certain scenarios where the children will not look after the parents if the assets are not distributed in that case parents will have no other choice except they give away the property to the children. What I strongly feel or think if the assets are distributed they should be equally distributed so that there will be no disputes between the children.
    A blunt knife or rusted knife can't be useful for anything just for the sake we call it as the knife similar to PayTM series or Sachin or Virat records.

  • #605900
    According to me, we can give out anything to our children, as we have to give them only later, by keeping some portion for our own as it is very difficult to believe our own children in our old age. A friend of mine let his father in Government Hospital for sickness, who gave all his savings and house to him totally on his retirement by believing him as he was the only son to him. we can argue that all sons/daughters are not like this but if circumstance plays against, the blame is ours only and not on the children. A close relative of mine after his retirement gave everything except one house to his four children immediately on his retirement. All his four sons live separately in the same city after their marriages.This person lived separately in his own house with his wife. Recently his wife also died and so, he sold his house and shared the residue totally to the children by believing they would keep him. But they simply shared his total living into four and shuttle him at his eightfour years of age. Now who is responsible for this situation.

  • #605906
    One can give a part of his income or property to children so that they also feel the warmth of money their parents have but giving all the things from cash to lockers to them does not make sense.

    Only a highly emotional or insane person will do it.
    I have read one article by the son of the computer giant Bill Gates where he mentioned that his father has appointed him in a manager level place in his organisation and some fixed salary was given to him which in his view was insufficient being the son of such a rich man.

    Anyway this will be different for different parents how much they consider for their children.

    Knowledge is power.

  • #605907
    But retaining the property partly with the parents may again cause a dispute among the children after death of the parents.

  • #606017
    Generally distribution of property should be done after the death. He should make a registered document written in presence of a witness preferably a lawyer and get that document notarised and keep. The children should share the property as mentioned in the document.
    Nowadays the parents are keeping their children as nominee to their deposits in case of death.
    Whatever we earn is for sure to our children only. But father has to think about his wife also. If the father dies the mother will become alone and children may or may not take care of her. So some reserve money should be there on her name also. In such case she will not have much problems. we can distribute assets to children while we are alive but we should keep something for self so that we are not dependent on anybody at least for financial matters.

    drrao
    always confident

  • #606027
    Nowadays we get to hear stories of how children evict and throw elderly parents out into the wild. The old parents who had already distributed their wealth and assets to the children then find it shocking and become helpless destitute . It is in these situations that a law was enacted making it duty and responsibility for children to look after elderly parents.

    So it is better to be prudent for the parents to make a clear will about the assets and wealth distribution among their children . Otherwise they can make it a conditional deed that the ownership will pass on only after the death of both parents .

    Nowadays there s a facility for 'Reverse Mortgage" wherein the elder people get a regular income by motioning their assets to a bank and the legal heirs can redeem the assets after the death of the elders by repaying the loan availed liability. Otherwise the bank will take the assets in recovery as per terms.


  • Sign In to post your comments