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Your Final Gift: A Simple Guide to Planning Your Legacy in India

Ever wondered what happens to your precious belongings after you’re gone? Let’s talk about testamentary disposition in India – don’t worry, we’ll keep it simple and friendly!

What’s This All About?

Testamentary disposition is just a fancy way of saying “planning who gets your stuff through a will.” It’s like making sure your final wishes are respected and your loved ones are taken care of.

The Power of Planning

Think of it like planning the perfect surprise party – except this one’s about making sure your family’s future is secure. In India, we can decide who gets what from our property through a properly written will.

Who Can Make These Plans?

Good news! If you’re:

  • 18 or older
  • Of sound mind
  • Able to understand what you’re doing You can make these important decisions about your property.

The Magic Document: Your Will

Your will is like a love letter to your family, mixed with clear instructions. Here’s what makes it special:

  • It speaks for you when you can’t
  • It prevents family disputes
  • It protects your loved ones
  • It ensures your wishes are followed

Important Things to Remember

When making your will in India:

  1. Write it clearly
  2. Get two witnesses
  3. Sign it properly
  4. Keep it somewhere safe
  5. Tell trusted people where to find it

What Can You Give Away?

Pretty much anything you own:

  • Your house
  • Bank accounts
  • Jewelry
  • Cars
  • Investments
  • Family heirlooms
  • Even your digital assets!

Special Indian Context

In our Indian families, we often have unique situations:

  • Joint family properties
  • Ancestral wealth
  • Religious customs
  • Family businesses Your will can address all these while respecting traditions.

Making It Work Smoothly

Here are some smart moves:

  • Name backup inheritors
  • Be specific about who gets what
  • Explain your choices if needed
  • Update it when life changes
  • Consider everyone’s feelings

Common Questions Answered

“Can I change my mind later?” Yes! You can update your will anytime.

“Do I need a lawyer?” Not required, but it helps avoid mistakes.

“What if I have very little property?” Every bit matters – make a will anyway!

The Real Benefits

Making these plans:

  • Gives you peace of mind
  • Shows you care about your family
  • Prevents future conflicts
  • Protects your legacy

Taking Action

Start simple:

  1. List what you own
  2. Decide who gets what
  3. Write it down
  4. Get it witnessed
  5. Keep it safe

Remember, planning your legacy isn’t about being wealthy – it’s about being wise. It is one of the most caring acts you can do for your loved ones.

Don’t wait for tomorrow. Start planning today. The optimal time to plant a tree may have been twenty years ago, but the next best time is right now. The same goes for planning your legacy!

Your family’s peace of mind is worth the small effort it takes to put your wishes in writing. Begin by taking the initial step – your family will be grateful for it.

WHAT IS CONVEYANCING?

A legal document is a written instrument that records and formalizes an agreement, obligation, or other legally enforceable act. It is a communication tool in the legal sphere designed to express and enforce rights, responsibilities, or procedures under the law.

Conveyancing is the branch of law which dealt with modes and forms in which the expression of intention to transfer a property must be shown in a deed, so that it takes effect. Conveyancing deals with the modes and manner in which a transfer of property should take place in order that it may serve as an effective and a valid transaction.

The word ‘conveyancing’ may be said to comprise all the transactions by which legal rights are created and legal relations between persons are brought in existence. It is generally that branch of law that governs and is related to the drafting of documents. The science of drafting is conveyancing.

In law, conveyancing is the exchange of legitimate title of the real property starting with one individual then onto the next, or the giving of an encumbrance

Conveyancing also includes conducting thorough searches and investigations to uncover any potential issues or encumbrances associated with the property. This may involve examining property records, conducting local authority searches, and checking for any legal restrictions or disputes that may affect the transaction.

What is the objective?

The object of executing an instrument is to make the terms of transfer, its subjectiveness, its position contain and express the memory of what is written and to provide a permanent proof of the intention of the parties.

It is a vital process that safeguards both parties’ interests and ensures that the transfer of ownership is legally binding.

The process ensures that the buyer acquires a valid title to the property and that the transfer of ownership is legally binding. Conveyancing is a complex process that involves several steps and parties, and it is vital to work with a reputable solicitor and estate agent to ensure that the process runs smoothly.

SALE DEED

A Sale Deed is a legal document describing the transfer of right, title and ownership of property by a seller to a purchaser at a price fully paid or to be paid in instalments at a future date. The entire amount of sale transaction also known as sale consideration is paid at the time of registration of the sale deed.

MORTGAGE DEED

A mortgage deed is a legal document that gives lender an interest in a property when you take out a loan backed by the property. If a borrower does not pay back a loan in accordance with the agreement, the lender can foreclose and take possession of the property or have it auctioned. Basically, a Mortgage Deed is a paperwork you sign that allows the lender to put lien on the property until the loan is paid.

LEASE DEED

When a property is used and enjoyed by the person in possession of it in exchange for a consideration to the actual owner, the property is said to be leased or rented. When a property is given on a lease, it means that the lessee or the tenant can use the property for a definite period of time for which he/she would be required to pay a certain fixed amount of rent. When this period extends to more than a year, a lease deed must be prepared.

GIFT DEED

A gift deed, also known as a deed of gift, is a legal document that transfers ownership of property from one person to another without monetary consideration. It’s a voluntary transfer that can be of real, personal, or intellectual property, such as real estate, vehicles, jewelry, or financial instruments. A gift deed acts as proof of the transfer and ensures that it’s legally binding.

Guide on Procedure before Sub-Registrar Office for registration of property documents

Process Flow diagram for Property Deed Registrar in e-Sub Registrar Offices in Delhi

STEPS FOR REGISTRATION

1. Please get your e-stamp paper of correct value prepared by visiting the nearest Stock Holding Corporation of India Ltd.(SHCIL) centre or their Authorised Collection Centre(ACC). The address of nearest SHCIL/ACCs can be checked on the website www.shcilestamp.com .

2. Please take appointment for visit to Sub-Registrar office on website of the Revenue Department (http://revenue.delhi.gov.in) or by approaching the Reception Desk/kiosk at the Sub-Registrar Office.

3. Please visit Reception at the appointed date & time alongwith your Appointment Slip/sms received in you mobile confirming the appointment/ computer generated appointment no. as reference.

4. Please obtain your Swipe Card from Reception to enter Facilitation Center. Loss of Swipe Card may result in denial of access to Sub Registrar office.

5. Please visit the Facilitation Counter in the hall when your token number is displayed on the screen.

6. Please present your documents to Facilitator. Follow strictly the suggestion of Facilitator if certain changes are required in your documents. Upon clearance by Facilitator, please wait for your turn for presentation before Sub-Registrar along with all the parties required to be present.

7. Upon acceptance by Sub-Registrar please proceed to the Biometric Division for finger printing & photographs. Collect your Receipt on completion of registration process.

8. Please exit from the Exit door using your Swipe Card. Drop the Swipe Card at designated place only.

9. Delivery of documents will be between 3 pm to 5 pm at Delivery Counter only.