Huf separation
Prasad
(Querist) 13 April 2013
This query is : Resolved
A. After family settlement for a Son (among many) aged 18-19 years from HUF of Father's own earned property (nothing ancestral)when both parents are alive.
1. Can he stay together with parents ?
2. What is the usual purpose of Family settlement ?
B. Is there value of Minor son's Sign in family settlement.
1. Should he sign it. what if he sign it.
C. Is mother's sign required in partial family settlement done by father's own property (when he is alive).
prabhakar singh
(Expert) 13 April 2013
My all in one answer is that questions posed are redundant and author is feeling free to roam on portal to engage experts unnecessarily.
UNLESS FACTS ARE TOLD WE DO NOT CONSIDER ANY QUERY.
Prasad
(Querist) 13 April 2013
Sirji,Here giving detail.
I am asking in behalf of my Friend (F) 55yr old man not much educated.
F was suggested by someone that he has to do family settlement of property when he is in good health.
he has 3 sons (1 died when 12 yrs, 1 married living separate, 1 minor)1 daughter married well settled
F wants to slowly start partioning or do a settlement of what he earned with great struggle with own efforts(property).
1. Can minor son stay together with parents after family sttlment ?
2. What is the usual purpose of Family settlement?
3. Is there value of Minor son's Sign in family settlement, i mean should he sign.
4. F keeps part of the porpety not giving all away. Should wife of F also sign (or her sign got no value as its F own earned)
prabhakar singh
(Expert) 13 April 2013
As all the properties have been self earned
and acquired by your friend F and not inherited by F from his father or grandfather,F sons or daughters do not have any kind of right in those properties and NO FAMILY SETTLEMENT IS REQUIRED AT ALL IN THIS CASE.
If F wants that he should set it during his lifetime that who will get what among his sons and daughters and widow after F dies, then best course open to F is to write a
deed called WILL in which he can state that till his life he would be owner of all his properties and after his death how his properties would be distributed among his sons(minor as well as major).he can give life interest to his wife without right to transfer and can pass ownership to sons half and half and can state that since he has married his daughter incurring handsome
expenditure and have given lot of gifts and as she is well settled in her husband family hence he has decided not to give her any share in his properties.
This WILL would be a cost less affair against so called family settlement which is done among members of family when all have some part of share in the property.Here it can not be done and if tried to be done the only form would be a GIFT deed which would cost much more .
So a draft of WILL and two attesting witnesses is the only requirement.No stamp duty would be payable and registration is also optional but desirable as only registry fees would be charged.Since oneson is minor some nearest dearest and reliable
should be appointed as an executor of the WILL in the WILL itself.
Planning anything else about future with regard to properties of your friend F would prove useless and futile exercise is my opinion.
So F should visit a civil law lawyer to get a draft of will prepared as advised here.
Prasad
(Querist) 13 April 2013
Sirji, dhanyavadh.
And if he wants to give some part of property to the married son now itself (during his lifetime) Other than Gift deed is there any other DEED Legally. Should all other kids i.e son (minor),daugther and wife also be a part of this document or deed,means sign and approve ?.
prabhakar singh
(Expert) 13 April 2013
An owner can transfer his right title and interest in his owned properties only by sale, gift or exchange and these transfers are called inter-vivos as they take effect instantaneously.The other mode is testamentary which take effects after the death of the testator and the deed is called WILL. Children and wife can sign as confirmers of the will.
There is no question of any deed among children and wife for a property F owns exclusively.
An useless question asked despite clear guidance given.
i would not continue to carry it any more.
i write here to help but not to be eaten unnecessarily.
we extract some time for here by an extra effort and intend to accommodate all not only a single person.
