My spouse and I are joint homeowners of a flat in Mumbai. The constructing is within the strategy of present process redevelopment. However, in the course of the execution of the event settlement, my spouse and I will probably be travelling overseas to go to my son. I’ve a daughter who stays in Mumbai. How do I be sure that the event settlement is executed in my absence?
—Name withheld on request
Since you might be travelling on the time of execution and registration of the event settlement, it is not going to be attainable so that you can be bodily current for a similar.
However, within the present situation you possibly can execute a restricted energy of legal professional in favour of your daughter. The energy of legal professional might include solely restricted powers allowing your daughter to execute the event settlement and / or any paperwork executed pursuant to the identical and register the event settlement and / or any paperwork executed pursuant to the identical.
The energy of legal professional granted by you in favour of your daughter may be stamped for ₹500 and must be registered with the sub-registrar of assurances involved.
I’m a 40-year-old married man with two kids. I’m planning to make a will and divide my property. However, I could purchase extra properties sooner or later. How do I cowl the identical in my present will?
—Name withheld on request
The will that will probably be ready by you and/or your advisories will cope with the properties (each moveable and immoveable) owned by you on the time of drafting the desire. However, it is very important incorporate a residuary clause in your will. A residuary clause particularly instructs how and to whom the property not particularly acknowledged within the will are to be transferred.
The residuary clause will instruct the executor of your will to switch the stability property which don’t type a part of the prevailing will to the named residuary beneficiary.
A residuary clause is required to be integrated within the will to keep away from confusion amongst your heirs / beneficiaries about what must be performed with the property which aren’t integrated within the will.
Hemang Parekh is associate and Mitali Naik is affiliate associate at DSK Legal
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