I’m the only proprietor of a plot of land. Can I write a joint energy of lawyer to my two sons in order to allow them to promote or register that by mutual settlement and later share the quantity?
— Name withheld on request
It is feasible so that you can give a joint energy of lawyer to your sons to allow them to promote the property and obtain the proceeds thereof. However, such an influence of lawyer beneath which the best to sale is proposed to be given to the attorneys would require stamping available on the market worth of the property and registration.
You could need to take into consideration agreeing clearly along with your sons on the sharing ratio of the quantity, to keep away from any disputes sooner or later. We assume the ratio might be 50:50, however it could be necessary to have this documented in writing.
You can take into consideration a Will leaving the mentioned land to your sons equally (or another ratio)—clearly, this can be a longer-term proposition after your lifetime, however that is cheaper (relying on the quantum of stamp responsibility payable as above). You can take into account gifting them the property as effectively, throughout your lifetime. A dialogue along with your lawyer would aid you perceive the vary of choices, and their execs and cons.
I need to bequeath the cash in my Employees’ Provident Fund (EPF) to my son. In the unlucky occasion of my loss of life, is that this quantity protected in opposition to my son’s legal responsibility?
— Pankaj
As per the provisions of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, the quantities standing to the credit score of a member within the EPF are shielded from attachment beneath any decree or order of any courtroom in respect of any debt or legal responsibility incurred by the member previous to his loss of life.
Accordingly, as per your will, your son might be entitled to such quantities out of your PF account. However, this won’t be protected in opposition to any legal responsibility incurred by your son pursuant to your demise. In different phrases, such safety is restricted vis à vis your liabilities, and won’t lengthen to your son’s liabilities after it has handed to him.
We, nevertheless, advocate that your son be made the nominee beneath the EPF scheme to make sure hassle-free switch of the cash.
Rishabh Shroff is associate & co-head Privant Client, Cyril Amarchand Mangaldas.
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