Family Settlement is the settlement for distribution of asserts and liabilities of a deceased person between its legal heirs. After death of any person his/her asserts are divided between their legal heirs. In case of different movable and immovable properties and their market value, distribution of property is a challenging job. Family Settlement is a solution to divided the property amicably between the legal heirs and its helps in easy transfer of the asserts to the legal heirs.
When a person dies without leaving a will, then The Hindu Succession Act, 1956 applies for division of property. This law applies to Hindus, Jains, Buddhists and Sikhs. Legal heirs are well defined in the Hindu Succession Act. All the relations are categorized into two classes called class I and class II. The first right on wealth is of Class I heirs. Only if there is no one available in Class I, then relations under Class II can claim their rights. If Class I and Class II both are missing, then there is something called Agnates and Cognates.
If a deceased person left behind a will, then the property is transfer on the basis of Will. Although Will is also challengeable in court of law. In the absence of will, Family settlement is the best solution for transfer of properties between legal heirs. Family settlement is also excepted in court and Family settlement deed is considers and good title of property than will.
Relinquishment deed is considered as the better title than family settlement deed. But if the deceased person left behind more than one property than it is always recommendable to have family settlement deed. Coparceners can get relinquishment deed register after the family settlement deed.
It is clear and open that Family Settlement Deed once executed can not be revoked or call back. It is also not allowed to cancel the Family Settlement Deed. Family Settlement Deed can only be challenged in court of law within three years from the date of its execution.Family Settlement Deed can only be challenged on the basis of fraud and misrepresentation.
2. Property Papers
3. Aadhar Card
4. Family Settlement Deed
5. Stamp Duty
6. Appointment Letter