DEED OF FAMILY SETTLEMENT BETWEEN RIVAL CLAIMANTS OF AN ESTATE

DEED OF FAMILY SETTLEMENT BETWEEN RIVAL CLAIMANTS OF AN ESTATE

 

THIS DEED OF FAMILY SETTLEMENT is executed on this …………day of…………… at ………… by and between:

  1. AB, aged about ………… years, son/daughter of ………… residing at ………… (hereinafter referred to as “First Party”),
  2. CD, aged about ………… years, son/daughter of ………… residing at ………… (hereinafter referred to as “Second Party”),
  3. EF, aged about ………… years, son/daughter of ………… residing at ………… (hereinafter referred to as “Third Party”), and
  4. GH, aged about ………… years, son/daughter of ………… residing at ………… (hereinafter referred to as “Fourth Party”).

(Hereinafter collectively referred to as “the Parties” and individually as “a Party.”)

WHEREAS

  1. XY, the owner of the immovable properties detailed in Schedules J, K, L, M, and N (hereinafter referred to as “the Estate”), passed away intestate on the ………… day of …………, leaving behind the disputed properties and rival claims to the same.

  2. The First Party, AB, claims the entirety of the Estate as the adopted son of XY, a claim which the other Parties dispute on the grounds of alleged invalidity of adoption.

  3. The Second Party, CD, asserts a claim over the Estate as the widow of XY, a contention refuted by the other Parties who allege that she was merely the mistress of the deceased.

  4. The Third Party, EF, bases his claim on being the son of Z, the sister of XY, but the other Parties dispute his legitimacy, alleging he is the son of Z’s husband by another wife.

  5. The Fourth Party, GH, claims entitlement to the Estate as a collateral of the deceased XY.

  6. Each Party has gained possession of a portion of the Estate and filed individual mutation applications seeking transfer of the entire Estate in their respective names.

  7. Realizing that prolonged litigation over mutation proceedings and potential civil suits would entail substantial costs, delays, and disharmony, the Parties, with the advice of mutual friends, relatives, and after obtaining independent legal counsel, have voluntarily agreed to resolve their disputes amicably through this family settlement.

  8. All terms of this settlement have been clearly explained to each Party, including CD, who has duly consulted her legal advisor, Shri ………… and provided her free and informed consent.

NOW THIS DEED WITNESSETH AS UNDER:

1. Ownership of Properties

a) AB shall become the absolute owner of the property described in Schedule J.
b) EF shall become the absolute owner of the property described in Schedule K.
c) GH shall become the absolute owner of the property described in Schedule L.

2. Life Interest of CD

a) CD shall have life interest in the property described in Schedule M.
b) During her lifetime, CD shall not alienate the property in any manner without the prior written consent of AB, EF, and GH, or in their absence, their respective legal heirs.
c) Upon the demise of CD, the property shall devolve equally upon AB, EF, and GH or their respective legal heirs.

3. Trust Property for Temple Maintenance

a) The property detailed in Schedule N shall be designated for the maintenance and upkeep of the temple built by the deceased XY, located at ………….
b) GH shall serve as the trustee of this property and utilize the entire income generated, after deducting government taxes, cesses, and collection expenses, exclusively for temple upkeep and associated expenses.
c) After the demise of GH, the trusteeship shall pass to his eldest male heir, and thereafter, to the eldest male heirs in succession, provided they are competent and willing to act as trustees.

MUTUAL COVENANTS

  1. This settlement is final, binding, and irrevocable upon all Parties and their heirs, legal representatives, and assigns.
  2. The Parties shall withdraw all pending litigation, if any, pertaining to the disputed Estate, and shall cooperate to ensure the mutation of properties as per this settlement.
  3. Any violation of the terms of this settlement by any Party shall entitle the aggrieved Parties to seek specific performance or other legal remedies as available under law.

IN WITNESS WHEREOF, the Parties hereto have executed this Deed of Family Settlement on the date first above written in the presence of the following witnesses.

Witnesses:

  1. Signature: ………… Name: ………… Address: …………
  2. Signature: ………… Name: ………… Address: …………

Signed by the Parties:

  1. First Party (AB): Signature: …………
  2. Second Party (CD): Signature: …………
  3. Third Party (EF): Signature: …………
  4. Fourth Party (GH): Signature: …………

Schedules

  • Schedule J: [Details of the property allocated to AB]
  • Schedule K: [Details of the property allocated to EF]
  • Schedule L: [Details of the property allocated to GH]
  • Schedule M: [Details of the property allocated to CD for life interest]
  • Schedule N: [Details of the property set aside for temple maintenance]
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