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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.
DEED OF FAMILY SETTLEMENT FOR DIVISION OF PROPERTIES LEFT BY A DECEASED BETWEEN SON AND DAUGHTERS WHERE SON PAYS MONEY TO DAUGHTERS
THIS DEED of family arrangement is made at ........ on this ............ day of ..??...., 2000, between A son of Shri .............. resident of .......... (hereinafter called the FIRST PARTY) and Smt. B wife of Shri ........... resident of .......... (hereinafter called the SECOND PARTY ) and Smt. C wife of Shri .............. resident of ........... (hereinafter called the THIRD PARTY) and Shri D ........ son of ....... resident of ........ (hereinafter called the FOURTH PARTY).
WHEREAS by his will dated ............ E son of late Shri .......... resident of ................. appointed the fourth party as the executors thereof and gave his movable and immovable assets unto his children the first party, second party and the third party in equal shares.
WHEREAS The said E died on ............ and the executors obtained the probate of the said will from the .............. District Court on ..............
WHEREAS the executor has paid the funeral and testamentary expenses of the testator and all his debts which have come to his knowledge out of the estate of the testator.
WHEREAS The estate of the said E now in the hands of the executors consists of the immovable property described in the First Schedule hereunder written and the investments, particulars whereof are 1 described in the Second and Third Schedules hereunder written respectively.
WHEREAS the parties hereto of the first three parts are desirous that the first party shall receive the immovable property and the second party shall receive the investments specified in the Second Schedule hereunder written and that the third party shall receive the investments specified in the Third Schedule hereunder written as absolute owners.
NOW THIS DEED WITNESSETH AS FOLLOWS:
(1) The first party shall pay to each of the second and third parties, the sum of Rs. .......??.
(2) On the making of payment as aforesaid, the executors shall 3 assent to the vesting of the immovable property described in the First Schedule hereunder written in the first party as absolute owners.
(3) The executors shall transfer the investment specified in Second and Third Schedules to the second and third parties respectively and they will become the absolute owners of the said investments.
(4) It is expressly agreed by and between the parties hereto of the first three parts that they shall not claim any rights under the said will, save as hereinabove provided and they shall release and indemnity the executor from and against all actions, proceedings, claims and demands in respect of the assent and transfers hereinbefore agreed to be made.
IN WITNESS WHEREOF the parties hereto have set and subscribed their hands to this writing, the day and year first hereinabove written.
The First Schedule above referred to;
(Description of immovable property)
The Second Schedule above referred to;
(Particulars of investments to be transferred to second party)
The Third Schedule above referred to;
(Particulars of investments to be transferred to third party)
Signed and delivered by the within named first party
Signed and delivered by the within named second party
Signed and delivered by the within named third party
Signed and delivered by the within named fourth party
WITNESSES;
1.
2.
Guidelines for Drafting a Deed of Family Settlement for Division of Properties Left by a Deceased between Son and Daughters with a Monetary Transaction:
A Deed of Family Settlement is used in cases where family members want to amicably divide a deceased person's properties among themselves, avoiding potential legal disputes. Here are guidelines for drafting such a document and common mistakes to avoid:
Identify the Parties: Clearly identify the son, daughters, and any other relevant parties involved in the settlement, along with their contact details.
Property Details: Provide a comprehensive list of the properties left by the deceased, including real estate, personal assets, and financial accounts.
Division Terms: Specify the agreed-upon terms of property division, including the allocation of specific assets to each party and any monetary transactions involved.
Monetary Transactions: Clearly state the amount of money the son will pay to the daughters and the agreed-upon schedule for these payments.
Release of Claims: Include a clause where all parties release each other from any further claims or disputes related to the deceased's estate.
Common Mistakes to Avoid:
Ambiguity: Use clear and precise language to prevent misunderstandings or disputes.
Failure to Consult Legal Counsel: Seek legal advice to ensure the agreement is legally sound and compliant with local inheritance laws.
Inadequate Property Description: Ensure each property is accurately described to avoid future disputes.
Inadequate Witnessing and Signatures: Have the document properly executed with the signatures of all parties involved and impartial witnesses.
Failure to Notify Interested Parties: Inform all interested parties, including potential heirs, about the settlement to prevent future claims or challenges.
Not Considering Tax Implications: Address any potential tax consequences of property transfers and monetary transactions.
Drafting a Deed of Family Settlement can help prevent family conflicts and efficiently distribute a deceased person's estate. Legal consultation is highly recommended to ensure the document complies with inheritance laws and regulations while protecting the interests of all parties involved.