Me and my wife jointly own a flat. We have one son and a daughter. Son is employed and married and owns a flat. Daughter has completed her education. We want that our daughter gets our flat after our death. What is the suitable option to transfer our property without affecting us.
Ans: There are a few options you could consider for transferring your flat to your daughter , without affecting your current ownership or enjoyment of the property.
One option is to create a joint tenancy with your daughter. This would mean, your share of the property automatically transfers to your daughter without the need for probate or a will. However, you would need to be sure that you want to give up control over your share of the property during your lifetime.
Another option is to create a life estate, which allows you to continue living in the property during your lifetime while giving your daughter the right to inherit the property after you both pass away. This would allow you to retain control over your share of the property during your lifetime and provide for your daughter's future inheritance.
You could also consider creating a trust to hold the property for your daughter's benefit. This would allow you to continue living in the property during your lifetime while ensuring that it passes to your daughter after your death according to the terms of the trust.
These are the personal views basis your question.