Legal Question in Family Law in India

Dear Sir,

My father (60 YEARS) had 3 children, one son and two daughters. I am the only son. My father had one house property which he wants to give it to me by way of will or transfer of property by way of gift deed. He has already given sufficient amount of money to my sisters. As such, he wants to give that house property to me, to avoid future litigations from my sisters and their husbands. My father does not prefer registered will also infavour me, as some problems may crop up in the future even with registered will.

They don�t have any other property if they transfer it to me by way of gift deed. I am 35 years old, married & I have one son & one daughter. My wife is 30 years old. As of now relationship between my parents & my wife is so healthy. They believe me & my wife 100%. They have full hopes on me & my wife for taking care of them in their old age. (i.e my mother -56 & father -60 years)

Now my worry is if they transfer their only property infavour of me by way of gift deed, if some risk happens to me, my wife & children will become legal heirs of the property. My parents will not have any right on their own property which is going to be transferred to me, in case if any dispute arises between my wife & my parents or if my wife opts for second marriage post occurrence of any risk to me. In this case, what best I can do to protect the interest of my parents.

1. Can I write a will infavour of my parents for the same property, which is proposed to be transferred to me? Or I have my own flat in my name, shall I write a will infavour of my parents for that flat? With the concent of my wife i.e by taking signature of my wife.

2. Can I nominate my parents for any of the insurance policies taken by me ?

3. Any other way to protect their interest?

Pls advise.

1 Answer from Attorneys

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