Sep 3 2024, 02:16 PM
QUOTE(gedebe @ Jun 19 2024, 03:26 PM)
my mother in law intend to transfer the name of a low cost apartment to my wife which will be my wife 2nd property, her mother claim that she is old and do not want the hassle of transferring the name when anything happen. However, she wish that the property to be distributed fairly among her 5 children.
is there any consequent of this action, like tax, entitlement to subsidy etc?
where is the low cost apartment? KL or Selangor?is there any consequent of this action, like tax, entitlement to subsidy etc?
if Selangor, then your wife need to satisfy the conditions of receiving a low cost apartment.
if transfer to your wife, then the property belong to your wife (she can sapu all and not divide to her other 4 sibling)
if the intention is to distribute fairly, then just put it in a will for the executor to have the power to sell the property and proceeds distributed to all 5 children. Why don't transfer name to beneficiary? because
1. i doubt all 5 children fit the profile to be entitled to own a low cost apartment
2. when want to sell, all 5 need to agree to sell & sign docs. if 1 dont agree also cant do anything.
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