Want to make owner of my will

5 years ago

Hi Sir, I'm 29 year old and Single. I am worried about future if I gone rogue or whatever. So I am thinking to make my parents equally owner of what I earn via any means. If in future suppose I earn 150000 per month. This will be distributed with my parents and me by 60% and 40%. I will keep 40% and rest will be with my parents no matter how many dependents are on me. What should I do? How can I make this legal so in future I won't be able to change it at any cost.

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Deepak Yashwantrao Bade

Responded 5 years ago

A.Dear client why you want to create such distribution.? Whether your parents force you to do this ? you can do whatever you want to do. But if you want to make will then your will not legally come into force until your death. Simple way for distribution is to give them amount by hand. Or transfer your 60 % sallery into their account.

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ROBERT D ROZARIO

Responded 5 years ago

A.Facts not clear. Can you be more specific as to why you want this sort of arrangement.

If you have divorce and maintenance phobia, then you can make a prenuptial agreement before entering into marriage. But prenuptial agreement is legally not valid under the Hindu Marriage Act in India, however it is governed under the Indian Contract Act, 1872. It is basically an agreement in writing between husband and wife that in event of divorce or death the maintenance or settlement received can be decided in advance, thus saving the spouses from the trouble of going to the court and fighting a legal battle.

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Prabhakara S K Shetty

Responded 5 years ago

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A.Best way is to spend all that you are earning.

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Abhimanyu Shandilya

Responded 5 years ago

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A.You can make a will for the property that you own or earn. In whatever way you want to use that it is your choice and no body can question you. A will is a simple legal document that allows you to put down your plan to distribute your wealth to others. As per the law your last and latest will becomes valid and any other past or previous will becomes invalid. So, as long as you don't change the will it remains binding on everyone. But the twist is your will will be executed only after your death and not when you are alive. So if you want to make your parents to own a share in your earnings on regular basis then open a joint account and put a Standing instruction in your salary account to automatically transfer the amount to the joint account.

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Satyveer Singh Yadav

Replied 5 years ago

Thank you sir for your prompt response. Now I know what need to be done to save my parents right. But what if they make this a legal document with my signature or any validation then I won't be able to change nah?

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