• Settlement deed

There is a property held jointly in the name of my father and mother. They wish to transfer property in my name but do not want to gift it now as they are insecure that i might not take care of them in their old age. They are ready to write a will in my name for their respective shares. I also have an elder brother who has no problem with this arrangement as a lot of money has been spent on his education and is earning well. 1. I want to ensure that my parents dont change their will and also even if they do 
2. then my brother does not break away form his promise and we have to fight over the property. 
Can there be any kind of family settlement be done to ensure the above ?
Asked 4 years ago in Property Law
Religion: Hindu

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9 Answers

In your case, if your parents are reluctant to execute a gift deed in your favour you can ask your elder brother to execute relinquishment deed forfeiting all his claims in your parent's property and the said deed it should be mandatorily registered.

After this, your elder brother would not be able to claim any share in future. You should also get a will executed in your favour from your parents but you can do nothing if they change the name later as they have the right to change their will at any point of time.

Siddharth Jain
Advocate, New Delhi
5928 Answers
101 Consultations

5.0 on 5.0

Will can always be revoked and fresh willexecuted by parents

2) your brother can always challenge will on parents demise but chances of success are bleak

3) parents can execute conditional gift deed wherein it is provided that you shall take care of them in their old age and if you fail to do so gift deedcan be revoked

Ajay Sethi
Advocate, Mumbai
87911 Answers
6207 Consultations

5.0 on 5.0

Dear

The best and the most secure way is s gift deed and nothing else. As far as Will is concerned it is the most weakest document and can be changed or challenged very easily. You cant help it. The law is like that only and It all depend on your luck if its challenged or not.

Adv vikas

Vikas Khatri
Advocate, Delhi
179 Answers

Not rated

This is my response to you:

1. Make a Family Settlement Deed;

2. Or in the alternate ask your parents to make a Will;

3. Once the Will is ready then make the relevant clauses;

4. As per Maintenance of Senior Citizens Act, you are legally entitled to take care of the parents;

5. Consult a local lawyer and take the necessary steps.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

1. The ONLY way to affect Transfer of Property is thru a proper stamp duty paid registered Gift /Sale /Relinquishment /Settlement Deed, which CANNOT be futuristically conditional, in any way.

2. Any other Deed or Will other then above, is always changeable, at the discreation of the Will maker.

Keep Smiling .... Hemant Agarwal

Hemant Agarwal
Advocate, Mumbai
5612 Answers
25 Consultations

5.0 on 5.0

Sir such settlement without transfer has no legal sanctity best way is to gift the property to you and further when gift deed is executed you can make legal settlement of life interest with the parents this way both the side are safe. you are owner and they get to live in flat for all the life.(Recently i did it for my client). No other option is there as there cannot be a conditional gift deed and even a will can be changed,

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

If the property is on their both the names, then they both can jointly execute a registered settlement deed in your favor.

This deed may be drawn with a condition i.e., they both shall hold life interest in the property and you shall be able to inherit the said property only after their lifetime.

This will ensure that they do not change their mind at a later stage nor authority to the property after their lifetime can be questioned.

T Kalaiselvan
Advocate, Vellore
78070 Answers
1543 Consultations

5.0 on 5.0

Hello,

If w will is made then the parents can also change it in future and also the brother after the death can claim a stake and challenge the will to create problem.

You may note that as per the recent judgment the gift deed can be revoked by the parents if in old age the child does not take of them. This clause can be made in the gift deed to give a surety to the parents. You may go through the following link:

https://www.makaan.com/iq/legal-taxes-laws/parents-can-revoke-property-gifted-to-children-rules-punjab-haryana-hc

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

1)your parents can make conditional gift deed.

2)Gift Deed can be conditional but the Gift Deed will be valid if transfer of the title is passed on immediately by the donor and accepted by the donee. ... In a conditional gift deed it can be mentioned that the donor will live in the premises gifted to the donee, till he dies and also other conditions can be added.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

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