How to Transfer Property after the death of the owner

Transfer of Property

It is already difficult that you have to go through the ordeal of losing your dear one, during such situation, one has to also think about the transfer of Flat that is being owned by the deceased.

With property prices soaring, people have lost their desire to maintain relations with their immediate family members and are ready to fight for every inch of the property. Also, there is always a conflict in customs and traditions on one hand and law on the other hand, which is passed for the betterment of the general public. Daughters now have share in the property of their parents. On one hand, as per traditions, duty is cast upon the son (and not daughters) to take care of their parents, physically and financially, on the other hand, females are given equal share in their parents property. Further, even though only one son is taking care of the parents, the other son continues to have right to equal share in the property.

With changing times and with a view to having peaceful relations between the family members after they are gone. Duty is now cast upon the elders to be fair and then decide and convey their wishes regarding distribution of property to the family members. The male spouse has to especially take care of the interest of the female spouse, who usually does not have any hold in the family finances.

This is easier said than done. Being mentally and physically weak, they are dependent on handful of family members who also influence in their decision making.

Few options are stated below to peacefully transfer of property. Caution should be exercised along with seeking legal advice for your specific case, before adopting any scenario suggested below:

  1. Nomination form for each owner/co-owner should be submitted to the Society. This however does not mean that the nominee will become the owner of the property after the demise of the owner.
  2. Gifting 50% of the property in favour of the family member to whom you intend to transfer the same after your demise. This mode is useful where there is only one person in whose favour you wish to transfer the same after your death. Further, here the owner is taking the risk of parting with 50% of his property during his lifetime.
  3. Making a Will and if required, registering it. This scenario ensures that the property is transferred after the demise of the owner. However, the society may ask for Probate/Letter of Administration.
Posted in Property in India.