Settlement Deed
Reshma K
(Querist) 31 March 2011
This query is : Resolved
* Self acquired property (which is land and a bungalow on it)-owned by husband and wife.
* Both of them jointly want to execute a Settlement Deed, in respect of this property creating an undivided share in favour of their 3 children(1 son and 2 daughters) equally.-1/3 rd share each.
* They want to reserve a life interest and reserve the rents, profits etc arising out of the property to themselves, till their lifetime.
* They want to get the settlement deed registered , to avoid future confusion among children.
QUESTION 1. Can you execute a conditional settlement deed?In this case condition being reserving life interest.
QUESTION 2. Can the Settlement deed be registered immediately?Are the children's signatures needed or only the husband/wife, as owners ,can register?
QUESTION 3. Can the Khata be retained in the husband and wife's name only,after registration.?
QUESTION 4. Can the Khata be transferred in the 3 children's name jointly after the husband/wife's lifetime.?
QUESTION 5..Can the husband /wife revoke the Settlement deed in future?
R.Ramachandran
(Expert) 01 April 2011
Instead of a settlement Deed, you can very well write a WILL. This will answer many of your issues.
Since the WILL itself would become effective only after the death of the testator, the life interest in the property would be protected.
The WILL can be registered immediately, there will be no problem.
The WILL can be revoked (even a registered will) and a fresh WILL can be made at any number of times.
Reshma K
(Querist) 01 April 2011
How do we choose between settlement deed, a gift and a will. Which is the best and under which circumstances do we choose one over the other.
Question 2: What if one of the donee doesn't sign the gift deed. Can the gift deed be valid as regard other donees.
Reshma K
(Querist) 04 April 2011
havn't received answers
