My husband is planning to buy a plot . he is getting it registered in his name as usual. is it a good idea to get the plot registered in one persons' name or a joint one with kids names included . anyways its them who would get it later , in case the plot is not sold before that . how should it be actually done and what is the best option .
Ideally it is better to add spouse name on it. You can add child name too if you want. We registered our property on DH,Mine and child's name.
thank you armummy for your reply is child's name added as a nominee or a joint registration is done ?
Is your child a minor...?? if yes then joint registration cannot be done on a minors name...however your kid can be included as a nominee/beneficiary ..so that when he reaches that age of major....he has all equal rights on the land... Whats wrong with parents these days???:bonkwhy are we including minors name in all these property things inspite of reading horrible stories on how kids are being kidnapped/killed just for the sake of money:hide: Investing in MFs or other media like child funds is different and putting a kids name on property like land / savings certificates is different....are you able to understand what i am trying to say here?? Why cant your husband include you in the registration.???
SV, Even i had the same doubts. but did not want to ask here because i thought maybe i was old fashioned. I had a distant relative . this was the first advice he gave us. never register a property in your kids name unless it is going to be their's and you will never need it. that any property/assets should reach your kid only after YOU. (he was quite traditional in his thought process) but i believe it is the best. also when a minor is included, and after a few years you want to sell the land, you have to get your kiddo to sign, without which it cannot be done. what if your lo changes his/her mind. (you never know) Where possible, have it in joint (spouses) names. Even a savings post office, has a different rule. my son is 13. when i went in to open an account for a RD, i was told that my son should sign the form and not me. i can only be a nominee for that savings and not the reverse. the reason since he is 13, and RD matures after 5 years he will be 18.. tread with caution.they are our blood, they are our kids, but they are NOT OUR KIDS. we are just their caretakers just like a chick is in the care of the mother until it learns to fly. P.S. these are my opinions alone. but again watching the harsh realities around, i don't regret saying this..and this does not mean that i do not trust my kids..
thanks for the reply. i agree with you both ,... but do you think all these points are applicable even if the minor is put as a nominee ? my husband will get the land registered on his name only( not both our names) , for so many reasons ( not that he doesn't trust me) . so i wanted to make sure that in any case the properties that we own should go to my kids only ....... dont you think there are chances that the kids might be disowned of the property in the case of our loss , if their name is not included ...( you know , a kind of future planning ) tell me , if iam wrong ..
thats because the registration would be done in my absence ... he will have to go to india alone for this to be done and there are other reasons too .... can i say parental influence , male chauvinism ......... i dont care anyways . but when it comes to kids ..... no excuse . i wouldnt have had any problems if atleast he was ready to deposit some good amount in the kids names in banks as fixed deposit , bu he is against that too , cos according to him it becomes a dead investment .....thanks to booming real estate
So if the registration is happening in your absence...do you mean to say your minor kid is with your husband???so you can include his name in the registration? what is more important here?? kids safety or the so called male chaubisnism... If you think your husband cannot include your name in the land registration....so be it...I already mentioned this...ask him to write his will....might be look into legalzoom or some website where you can download the will papers and make it official and register it in India also. You have to re-read what we are trying to say...all the questions you have asked were addressed even by Shanvy...its upto you finally what you decide.
After 10 years of a loving married life and me being so proud of acquiring decent number of properties, I knew only now that ALL of them are on my fils name. It feels deceiving to me because I believe my husband actually put me out deliberately of all the registrations all these years. Now when I raise it it's the same " what's the big deal".. I said if it was fine that I put all the money on my mom?.. He remains quite and gets angry. I feel so sad that our relationship is getting affected because of money... but practically thinking, we can't eat and pay school fees with love, can we?. My pain is actually not on the fact that it's on someone else but my pain is that the person I trusted the most for keeping me and my kids financially safe in a way , doomed us. Why did not he naturally put money on his name? ( leave alone me) when he could so naturally put it on his dad... Over and over and over again. Well, it's late , I know but sticking to better late than never, I am coming up with tiny financial plans now... That's where he left me..... We go to exotic holidays and all and God blessed us( for now) but this act of his will never fade in me....
