Apportioning a Percentage of Overall Ownership
Divide the property ownership percentage-wise among the children, rather than allocating specific assets.
This allows flexibility and avoids disputes over the valuation of individual assets.
The percentage ownership can be adjusted based on factors like financial contributions or needs of the children.
Division of Constructed AssetsDivide the constructed assets like buildings, houses, or shops among the children.
Ensure the division is fair and equitable, considering factors like size, location, and condition of the assets.
Consult a professional valuer to arrive at a fair assessment of the assets.
Mentioning Split in a Will
Clearly specify the property division plan in the will to avoid disputes after the owner's demise.
The will should mention the percentage ownership or the specific assets allocated to each child.
Individually Specify Who Gets What
Allocate individual assets or portions of the property to each child in the will.
This provides clarity and reduces the chances of disagreements among the heirs.
Also Read: 6 cases where you can lose the right to inherit property
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Read MoreKey steps to split property between children:
Key steps to split property between children:
Apportioning a Percentage of Overall Ownership
Divide the property ownership percentage-wise among the children, rather than allocating specific assets.
This allows flexibility and avoids disputes over the valuation of individual assets.
The percentage ownership can be adjusted based on factors like financial contributions or needs of the children.
Division of Constructed Assets
Divide the constructed assets like buildings, houses, or shops among the children.
Ensure the division is fair and equitable, considering factors like size, location, and condition of the assets.
Consult a professional valuer to arrive at a fair assessment of the assets.
Mentioning Split in a Will
Clearly specify the property division plan in the will to avoid disputes after the owner's demise.
The will should mention the percentage ownership or the specific assets allocated to each child.
Individually Specify Who Gets What
Allocate individual assets or portions of the property to each child in the will.
This provides clarity and reduces the chances of disagreements among the heirs.
Also Read: 6 cases where you can lose the right to inherit property