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I have to include in my list all ‘my properties’.
My properties will include properties that :
- I Created: like the building I constructed on my land, a book I wrote, a painting I painted, a machine prototype I made, and date of creation
- I Purchased: and any available details of purchase
- I Inherited: whether under a will, or without a will, and details of inheritance.
- I Received as gift: available details of donor, and date of gift
- Were allotted to me: under any schemes, with details and dates
- I consider as mine, because I do not know who else owns it, like an old item of jewellery in my safe.
- I claim as mine, like a claim to land under a will, but contested by others.
I will not include properties which I hold as trustee. These are not ‘my’ properties. But I might have power to appoint other persons after me. These can go into a separate list.
If I hold any property jointly with someone else, I will include it too. I will state what is my share in the property. My share in the property is my property.
It does not matter if my property is not ‘transferred’ to my name in government or other records. That is a mere formality, and a very essential formality. If I inherit under a will or without will, I become owner when the person from whom I inherit dies. Changing names in government records is a formality and takes time. I become owner of a car when I purchase it second hand. Changing RTO record is a formality, and takes time. It is, of course, very important that I must take immediate steps to complete these formalities.
I will also include in the list any property that I have ‘agreed to purchase’, like a flat in a building scheme from a builder. The list must also have details of the transaction in addition to details of the property.
If any property is under litigation, I will also mention its details.
I am making this list for many reasons:
- Know the extent of my property, its details, which will enable planning during my lifetime, and completing any formalities, like registration, transfers, nominations.
- Decide whether to make a will, and how to deal with these properties in the will.
- The list should be available to someone after me, so that my properties can be administered.
I can say from experience that making the list requires time and plenty of patience.