1 Answer
Dear Shubha T R,
Thank you for reaching out with your query about your father's property planning.
Regarding your situation, here are the key points to understand:
Will and Current Rights:
A will only takes effect after the testator's (your father's) death. Until then, your father remains the absolute owner of the property and retains all rights to use, rent, sell, or manage it as he wishes. You cannot rent out the ground floor or exercise ownership rights based solely on a will that hasn't taken effect yet.
What You Can Do:
If your father wants to give you immediate rights to manage or rent the property, he has these options:
1. Gift Deed: Your father can execute a registered gift deed transferring ownership to you immediately. This gives you full rights now, though he can retain a life interest to continue using the property.
2. Sale Deed: He can sell the property to you at an agreed price, transferring ownership immediately.
3. Power of Attorney: He can grant you a Power of Attorney authorizing you to manage, rent, and maintain the property on his behalf while he's alive.
4. Joint Ownership: He can add you as a joint owner through a registered deed, giving you shared rights.
Important Considerations:
- A will is revocable and can be changed anytime during your father's lifetime
- A will needs to be probated after death in many states (including Karnataka)
- For immediate rights, a registered gift deed or sale deed is more appropriate
- Ensure your mother's rights are also considered if she has any claim under Hindu Succession Act
Next Steps:
I strongly recommend consulting with a property lawyer in Bangalore to draft the appropriate documents based on your family's specific needs and tax implications. They can help structure this in the most beneficial way.
This response is for general guidance only and does not create an attorney-client relationship. Please consult a qualified advocate for personalized legal advice.
Best regards