Most Indian families hand over their ancestral property to the next generations. They see him as the longest running property. Property is seen as a means of stability, tradition and lump sum money. Any parents feel that they are securing the future of their children by giving a piece of house or land or providing them a financial buffer. However, it is not really necessary. At present, property is becoming the biggest reason for the quarrel between families. Because of this, there is increasing hatred among people towards each other. Let us tell you what problems can be caused by the transfer of property as a heritage.
Maintenance expenses and legal complications
Transfers of the property are not a best option for generation to generation, a major reason behind its maintenance costs and complications. If your children do not live in a city or country like you, it is a headache to keep the inherited property in good condition. Property tax, repair bills, tenants’ problems, or the fee of the society may have to suffer losses. If your property is shared, it is even more difficult to divide these costs among many heirs.
In addition, the inherited property is usually in the name of the old people of your house or they have a legal obstacle. Their documents are not updated according to the new generation. The incomplete mutation records, unresolved property disputes, can implicate his heirs in litigation for years. That is, instead of being a gift, the property is a legal curse.
Controversy over property sharing in family
At present, real estate is becoming the biggest center of harsh heritage controversies. Unlike assets such as bank deposits or mutual funds, the property cannot be divided so easily. If there are more than one successor, it is like a crooked pudding to sell the property, rent or maintain. It causes family quarrels and court litigation in many cases.
Real estate is not always valuable
Another confusion is that the value of real estate will always increase. Although some such is possible in some urban areas, house prices have also fallen or fallen in many areas. Policy changes in urban development, infrastructure development, or market development capacity can affect any property. If your children do not require property and they are not able to sell it easily, it turns into a low-locidity and yield property.
Changes in the ambitions of the younger generation
The current younger generation prefers to rent homes in cities with their career opportunities, instead of being stuck in the homes of heritage. A house in a village or city can be emotionally valuable but it is not necessary to be the same. In this scenario they will probably like more money or financial investment, which is easy to use and portable. For most young professionals, the inherited property becomes a passive assets that they neither use nor make profit from it.
Search for alternative possibilities in estate planning
Instead of leaving immovable assets, other heritage options should also be explored. Options that can be easily division and accessed. Mutual funds, life insurance, fixed deposits, or even a healthy emergency fund can be far more beneficial. They can help avoid conflicts and ensure easy transfer of assets with minimal legal complications.
Handing property to your children seems like a safe and affectionate task, but it can cause more problems with solutions. With changing lifestyle, mobility and market conditions, a flexible, inheritance plan free from problem can be a better means of securing your children’s benefits from your heritage.
