Have you ever thought about what happens to a house when the owner dies? Well, succession planning is important in the case of immovable property like apartments and flats to ensure that your wealth reaches the people you want to have it. Plus, this succession of assets is a complex process, which involves tax implications, legal complexities, and a great amount of paperwork.
What Happens to Property When Owner Dies: through a WillA person who comes under the Hindu Succession Act’s jurisdiction can give their property to anyone, even excluding relatives, through a Will. In these cases, it is required for the executor of the will to get probate from a court for properties in Chennai, Kolkata, or Mumbai. This is what happens to house if owner dies leaving behind a Will.
What Happens to A House When the Owner Dies Without A WillIf the property owner doesn’t leave behind a will, the assets will be inherited by legal heirs according to the Hindu Succession Act, 1956 provisions in the prescribed order.
The 1st preference is given to Class-I legal heirs that include close relatives, such as children, spouse, parents, and their successors. If we talk about each of their shares, daughters and sons, and parents get equal shares. A spouse will also get one share. However, if there is more than one surviving spouse, then they all will share the one portion they’re entitled to.
If the house has been left with no will, then the male heir gets the right to divide the house. A female heir has the right to claim a share and reside in the house.
This is what happens to a home when the owner dies without a Will.
What Happens to A House When the Owner Dies and There are No HeirsIn case there is no heir, then the right in property shall be passed on to the government.
Now you know what happens to a property when the owner dies.
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I hope you like my answer on what happens to a house when the owner dies.
What happens to a house when the owner dies?
Eeshan
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2022-01-07T17:40:48+00:00 2022-01-07T18:14:14+00:00Comment
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