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  • Category: Miscellaneous

    Asset/Wealth division by Parents: What is the right time?

    In the Indian civil courts, the commonest issues that come to the court docket and stay for a few years are related to property disputes between siblings, martial disaccord and divorce-related cases.

    It is a sad state of affairs because siblings who grow up with love and joy become sworn enemies or fight bitterly for the sake of money, land and other assets.They also spend a lot of their valuable time and money (lawyer fees, travel, time off work). We all are familiar with reports wherein the disputes escalate and blood relatives sadly plot and kill their own kith and kin.

    A major portion of these issues can be avoided if parents make a legal will or divide their wealth among children when the family is happy. Parents plan to do it when their responsibilities are fulfilled but it gets dragged along with a child's higher education, pending marriage, the arrival of the first grandchild etc.

    So, let's hear some views

    What would be the ideal time for parents to divide their hard-earned wealth so that they and their children need not fight, and squander part of it in litigation expenses and settling family feuds?
  • #624220
    The earlier the better. We do not know what happens the next moment. It is better to prepare a' Will and testament' specifying clearly, the division of wealth among the children and keeps it in safe custody. By disclosing early, some problems may arise. Whatever may be the case it is better to include a clause that it will come into force after the death of the individual. It is not advisable to hand over the assets to the children while the person writing the document is alive. It all depends mainly on individual circumstances.
    " Be Good and Do Good "

  • #624284
    These days the money matters are taking a front seat than the other sentiments and relations. So it is better to be very clear from the beginning and it is better to have everything in black and white so that afterwards the siblings will not have any disputes in the distribution of the assets. But in making this one should be careful and think about their life partner also. These days nobody can depend on somebody else for their survival. So first one should see that his/her life partners' life will be cool even in any case of unfortunate happening and then only think of the children. It is better to take care of our lifetime.
    In my relative circle, one old man made a will saying that his entire assets will be enjoyed by her wife and after her, it will go to his grandson as his daughters were no more. This grandson started troubling the grandmother for money and he never took care of her and always taking money from her. That lady has to sell their house for her livelihood and spending her old days in a rented house in a village, her grandson is enjoying his life in his own bungalow in a city of the same state.

    drrao
    always confident

  • #624286
    If the father was the earning person and acquired property through earnings. Then his discretion of giving that property to anyone solely belongs to him. There are cases when the father has so many daughters and one son. By virtue of being son he inheritances the property as the legal heir. But daughters do claim their share, only after the son gets his due and willing to forgo other share to the daughters. As the author has opined it is always good to have a will wrote during the life of the parents. Again there would be partisan attitude on those whose names are missing in the will.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease


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