Sample Deed of Family Settlement for Division of Properties Left by a Deceased Between Son and Daughters Where Son Pays Money to Daughters

A Deed of Family Settlement is essential for resolving property disputes among legal heirs, ensuring clarity and compliance with Indian laws, particularly in cases involving monetary compensation.

Introduction to Deed of Family Settlement

A Deed of Family Settlement is a crucial legal document in India used to amicably divide the assets and properties of a deceased individual among their heirs. It is especially significant in scenarios where one heir, such as the son, compensates the others, like daughters, in exchange for a fair division of properties.

This document provides a clear outline of the agreement between the heirs, including the division of immovable and movable properties, monetary payments, and any additional terms. It ensures transparency, reduces conflicts, and guarantees that the settlement is legally binding.

The template is structured to comply with Indian laws and can be customized to address specific family needs, safeguarding the rights of all parties involved. It fosters fairness and provides a strong legal framework for property distribution.

Sample Format

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 ______, 20, between:

1. A, son of Shri __________, resident of __________ (hereinafter referred to as the First Party);
2. Smt. B, wife of Shri __________, resident of __________ (hereinafter referred to as the Second Party);
3. Smt. C, wife of Shri __________, resident of __________ (hereinafter referred to as the Third Party); and
4. Shri D, son of ________, resident of __________ (hereinafter referred to as the Fourth Party).

Recitals

1. Whereas, by his will dated ________, E, son of late Shri __________, resident of __________, appointed the Fourth Party as the executor of the will and bequeathed his movable and immovable assets equally among his children, namely the First Party, the Second Party, and the Third Party.

2. Whereas, the said E passed away on ________, and the Fourth Party obtained probate of the said will from the __________ District Court on ________.

3. Whereas, the executor has settled the funeral and testamentary expenses of the testator and paid all his known debts using the estate of the deceased.

4. Whereas, the estate of the late E currently comprises:

• Immovable Property: Described in the First Schedule hereto.

• Investments: Described in the Second and Third Schedules hereto.

5. Whereas, the parties agree that the First Party shall receive the immovable property, the Second Party shall receive the investments listed in the Second Schedule, and the Third Party shall receive the investments listed in the Third Schedule, all as absolute owners.

Now This Deed Witnesseth As Follows

1. The First Party shall pay the sum of ₹ __________ (Rupees ____________) to each of the Second Party and the Third Party.

2. Upon the aforesaid payment, the executors shall assent to the vesting of the immovable property (described in the First Schedule) in the First Party as the absolute owner.

3. The executors shall transfer the investments listed in the Second Schedule to the Second Party and the investments listed in the Third Schedule to the Third Party, who shall become the absolute owners of the said investments.

4. It is expressly agreed by the First Party, Second Party, and Third Party that they shall not claim any additional rights under the said will, beyond what is provided in this Deed. They shall release and indemnify the executor from all actions, claims, and demands arising out of the assent and transfers executed under this arrangement.

Schedules

The First Schedule (Immovable Property):
(Provide a detailed description of the immovable property here.)

The Second Schedule (Investments for the Second Party):
(Provide particulars of the investments to be transferred to the Second Party here.)

The Third Schedule (Investments for the Third Party):
(Provide particulars of the investments to be transferred to the Third Party here.)

Signatures

Signed and Delivered by the Within Named:

• First Party: ___________________________

• Second Party: ___________________________

• Third Party: ___________________________

• Fourth Party: ___________________________

Witnesses: