Apni Law Staff asked 2 years ago
My husband built our dream home on a plot of land in Kerala. We took a loan for the construction, and my mother-in-law is listed as a co-owner in the bank documents. I want to understand the process of adding my name as a co-owner and what costs might be involved. My husband mentioned around 50-60 thousand rupees and that we’ll need to renew our house insurance in a few years. He also suggested a will for the time being, ensuring I inherit the property if something unforeseen happens to him. Is this the right approach?
I’m also worried about what happens if a tragedy strikes, and he hasn’t made a will or power of attorney. Who would legally own the house and land in that scenario? As a North Indian, I struggle with Malayalam, and the documents are currently with my in-laws. Could you please guide me through this process and clarify any legal uncertainties?
Best Answer
Apni Law Staff answered 2 years ago
Adding your name as a co-owner requires registering a deed of transfer or a gift deed in your favor, incurring costs for stamp duty and registration fees. While a will ensures your inheritance, a power of attorney empowers someone to manage your assets in case of your husband’s incapacitation. In the absence of a will, the property would be inherited by your husband’s legal heirs as per the Indian Succession Act.
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