Worried about a prodigal child? Register your will to disinherit them

When you hear the word 'will', the first word that probably comes to your mind is 'inheritance'. But, interestingly, it can also be used to disinherit a natural heir from their parents' self-acquired property under certain circumstances.

The Kumar story

Mr Kumar, who retired as a General Manager from an MNC, and his homemaker wife have three children — two sons and one daughter. While his younger two children are financially stable, the eldest son, Naveen, has turned out to be the 'black sheep of the family.' Academically poor and with no steady job to fall back on, he started at least four business ventures with his father's financial backing, only to send the investments down the drain.

Mr. Kumar spent a huge part of his savings on Naveen, much to his other two children's displeasure. When he refused to back another venture, Naveen mortgaged his house (gifted by Mr. Kumar) and took a heavy bank loan. History repeated itself and that, too, tanked. With no other source of income, he found himself unable to pay the EMI.

A few months later, he once again approached Mr. Kumar for help — to be a co-borrower in a bank loan for yet another business venture. It didn't take Mr. Kumar a lot of thinking to realise the danger. If this venture failed, his own house would be at risk.

The legal solution

The family advocate advised him to immediately register his will, disinheriting Naveen from the property. The youngster was given money equivalent to his share in the house. As per Indian law, parents can disinherit a child from their self-acquired property.

Whether it's a question of inheritance or disinheritance, the key point is to register a will. You have every right to secure the future of your hard-earned assets.