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Business News/ Money / Q&a/  Can I get a house redevelopment pact executed in my absence?
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Can I get a house redevelopment pact executed in my absence?

The power of attorney could contain only limited powers permitting your daughter to execute the development agreement and / or any documents executed pursuant to the same and register the development agreement and / or any documents executed pursuant to the same.

Can I get a house redevelopment pact executed in my absence?Premium
Can I get a house redevelopment pact executed in my absence?

My wife and I are joint owners of a flat in Mumbai. The building is in the process of undergoing redevelopment. However, during the execution of the development agreement, my wife and I will be travelling abroad to visit my son. I have a daughter who stays in Mumbai. How do I ensure that the development agreement is executed in my absence?

—Name withheld on request

Since you are travelling at the time of execution and registration of the development agreement, it will not be possible for you to be physically present for the same.

However, in the current scenario you can execute a limited power of attorney in favour of your daughter. The power of attorney could contain only limited powers permitting your daughter to execute the development agreement and / or any documents executed pursuant to the same and register the development agreement and / or any documents executed pursuant to the same.

The power of attorney granted by you in favour of your daughter can be stamped for 500 and will have to be registered with the sub-registrar of assurances concerned.

I am a 40-year-old married man with two children. I am planning to make a will and divide my assets. However, I may acquire more properties in the future. How do I cover the same in my current will?

—Name withheld on request

The will that will be prepared by you and/or your advisories will deal with the properties (both moveable and immoveable) owned by you at the time of drafting the will. However, it is important to incorporate a residuary clause in your will. A residuary clause specifically instructs how and to whom the assets not specifically stated in the will are to be transferred.

The residuary clause will instruct the executor of your will to transfer the balance assets which do not form part of the existing will to the named residuary beneficiary.

A residuary clause is required to be incorporated in the will to avoid confusion among your heirs / beneficiaries about what needs to be done with the assets which are not incorporated in the will.

Hemang Parekh is partner and Mitali Naik is associate partner at DSK Legal

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Updated: 13 Dec 2022, 11:16 PM IST
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