I have considerable wealth. My children are ingrates and selfish and treat me very badly, and are only after my money. I am 67 years old and not getting any younger. Is there a full-proof way I can use so that they cannot get their hands on any of my wealth either while I am alive or dead? Only serious replies from advocates and like. Thank you.
2007-04-09 09:27:00 · 15 answers · asked by MCAT 1 in Politics & Government ➔ Law & Ethics
What I suggest the best course for you is to create a trust of all you immovable & movable properties under the Indian Trust Act, 1882, you can create any trust for any lawful purpose. As an author of this trust you can identify the purpose of this trust, name the beneficiaries, and appoint trustees along with you who will manage such a trust & its property. Rights & duties of all the beneficiaries & trustees can be identified by you including disposal of the trust properties for the benefit etc as you may like to declare even after your death. The main benefit of creating such a trust is that you know how your properties are being utilized in you presence as well after you. The trust will be created & will be having legal recognition under the Indian Trust Act, & the best part for such a trust is if this for some charitable purpose it can be registered with the Income Tax authorities for availing the benefits under the Income Tax Act. In such a case a governmental representation in the form of trustee can add to security of this trust. Once a trust is created your children will find it very difficult to challenge the creation of this trust which they may do so when you make any deed of family settlement or will, although registered be able to always be challenged for the validity at the time of execution or probation as the case may be. Hope this will satisfy your quires regarding disposal of your properties.
2007-04-09 18:08:36 · answer #1 · answered by vijay m Indian Lawyer 7 · 1⤊ 1⤋
If your going on India law, I am unsure, but I would assume there is a way to do this legally. Courts there probably have ways to do this, I would go to them, and ask if you are very, very serious. Remember that once you make this legal choice, were you to perish, it cant be undone. You should also find out who would get your finances then. You wouldnt want the government to have them, but you could leave them to a reputable charity, or an animal shelter, or build a shelter for abused women in your country while your still alive . I would just TRY to enjoy it and USE it while I was still alive, charities can be rip offs big time,,many falsely got money for Hurricane Katrina victims and robbed the public blind.
2016-04-01 05:41:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm an Advocate. My first advice is to think it over again.
If even then your opinion is the same, your best option is to execute and get registered a Deed of Family Settlement, whereby you reserve certain life interests for yourself and further providing how after your death your assets, etc. will go to persons / institutions of your choice (of course, other than your children if you so like).
You may also gift your property, but then the transfer would by during your lifetime and you will have nothing to yourself.
Another option is to execute a Will, if you want that your property will devolve only after your death and not immediately.
Finally, I will request you to think it over again before you take a rash step!
2007-04-09 16:05:06 · answer #3 · answered by Sabya 3 · 1⤊ 0⤋
Ok! So u have to first consult a lawyer & express ur will & get it wrritten on a stamp paper. Lawyers r good in making the will so well that any voilation will cause so much on ur children. Also u can make it clear that only u can use the money & after u it all goes to a orphanage home or oldage home & NOT A PENNY TO UR CHILDREN.
I sympathise with u maam. I'm sorry to hear this.
2007-04-09 09:38:15 · answer #4 · answered by Smile- conquers the world 6 · 0⤊ 0⤋
I am so sorry that your children treat you this way. Sometimes though it's of our own doing that our children turn out this way. I think that there is what they call divorcing your children, or just leave them all one dollar each and leave the rest of your money to some really good kind of charity. Or you could just leave all your wealth to me. Ha - Ha. Only joking.
2007-04-09 09:38:03 · answer #5 · answered by Alwyn C 5 · 0⤊ 0⤋
The best thing would be to create a will, do with a lawyer not yourself. That way who ever you want to give the money to ONLY they can get it.
I would suggest setting up scholarship foundations so when you pass away your money could be used to help poor students that have great grades get into college.
Best of luck...
2007-04-09 14:50:05 · answer #6 · answered by uh-huh 3 · 0⤊ 0⤋
Ignore ur kids, spend all the money for urself make a big beautiful house and when u pass on give it to a poor family who is honest and deserving.
2007-04-09 10:44:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
The relationship as such cannot be severed. Your children are entitled to their share of ancestral property. In you have properties self acquired by you by own sources of income, you are at liberty to apportion it to any body of your choice. Your children cannot claim any right over your self acquired properties.
2007-04-09 19:02:13 · answer #8 · answered by Anonymous · 0⤊ 0⤋
MCAT, this is like the movie Baghwan, where the dad has 3 kids who are basically *****es so he adopts salmaan khan and he treats him as his real son. Um.. so i'm really trying to say, slaughter them
2007-04-09 09:59:56 · answer #9 · answered by DunAskMe 1 · 0⤊ 0⤋
U can get a affidavit attested by majistrate and get it published it in some newpaper recgonised by courts. also get a deed of family settelment
2007-04-10 05:18:51 · answer #10 · answered by annjee 4 · 0⤊ 0⤋