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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
THIS DEED OF FAMILY SETTLEMENT is made at ......... on this ........... day of ......... 2000, between the heirs of A namely (i) B, widow of A, (ii) C son of A, (iii) D daughter of A, (iv) E son of F, the predeceased second son of A, (v) G widow of the third son of A.
WHEREAS the said A died intestate at .............. on ........... leaving movable
and immovable assets, more particularly described in the Schedule hereunder written.
AND WHEREAS differences and disputes have arisen amongst the legal heirs of said deceased A as to the respective share of the heirs.
AND WHEREAS the parties hereto desire and have agreed that the disputes and differences between them should be resolved amicably between the parties and litigation amongst the family members should be avoided.
NOW THIS DEED WITNESSETH AS FOLLOWS:
1.
2.
3.
4.
5.
6.
IN WITNESS WHEREOF, the parties hereto have set and subscribed their hands to this writing the day and year first hereinabove written.
The Schedule above referred to
Particulars of movable and immovable assets left by A.
.......................... A
…....................... B
.......................... C
…………………..D
.......................... E
......................... G
WITNESSES;
1.
2.
Guideline for Drafting a Deed of Family Settlement Between the Heirs of a Deceased:
Introduction: Start with a clear heading indicating that this is a Deed of Family Settlement among the heirs of the deceased.
Parties Involved: List the names and details of all the heirs participating in the settlement, including their relationship to the deceased.
Background and Recitals: Provide a brief background explaining the context and reasons for entering into the family settlement. Include recitals detailing the existing disputes or issues among the heirs.
Property Details: Specify the properties, assets, and liabilities that are part of the settlement. Provide a detailed list of each item, along with their values.
Division and Allocation: Clearly state how the properties and assets are to be divided among the heirs. Specify the share or portion allotted to each heir.
Mutual Release and Waiver: Include clauses where the heirs mutually release and waive any present or future claims, disputes, or rights against each other regarding the settled properties.
Conditions and Covenants: Outline any conditions, covenants, or obligations that the heirs must adhere to as part of the settlement.
Rights and Responsibilities: Define the rights and responsibilities of each heir concerning their respective shares in the properties.
Transfer of Title: Specify the process and documentation required for transferring the title of properties from the deceased to the respective heirs.
Dispute Resolution: Include provisions for resolving disputes or disagreements that may arise in the future among the heirs.
Legal Compliance: Ensure that the Deed of Family Settlement complies with all applicable laws, including property and tax laws.
Signatures and Witnesses: Have all parties sign the deed in the presence of witnesses, and ensure that it is executed properly.
Registration: If required by law, register the Deed of Family Settlement with the relevant authorities.
Common Mistakes to Avoid:
Incomplete Information: Ensure that all properties, assets, and liabilities are properly identified and listed in the deed.
Lack of Clarity: Be clear and precise in defining the terms, shares, and conditions of the settlement to avoid future disputes.
Ignoring Legal Requirements: Familiarize yourself with local property laws and registration requirements to ensure compliance.
Not Seeking Legal Advice: Consulting with legal experts or an attorney can help draft a legally sound family settlement.
Failure to Obtain Consent: All heirs must willingly and knowingly consent to the settlement. Ensure they understand the implications of the agreement.
A Deed of Family Settlement is used to resolve disputes among heirs and distribute the assets of a deceased person. Following these guidelines and avoiding common mistakes helps create a well-structured and legally sound document that facilitates a smooth settlement process among the heirs.