I belong to the third generation of a joint family in India having a common business and common property. My grandfather (A) who established the business passed away in 2007 leaving behind the business. My grandfather has three sons, S1, S2 and S3 and two daughters D1 and D2. His youngest son A3 has been managing the joint business, but recently he also has passed away in 2011. After passing away of A3, the family decided to divide their financial assets while still running the business together. Two third of the financial assets are in the individual names of A1, A2 and A3, whereas one third of the assets are in grandmother’s (B) name. After evaluation it was found that in the two-third assets, A1 has 25% holding, A2 has 40% holding, and A3 has 35% holding. My questions are as follows:
1. What are steps we should take to settle the family division matter at lowest possible cost?
2. The grandmother is still living, but she is quite old and can pass away anytime. What implications can be there if she passes away before the family division is settled?
3. One property (a piece of land) is in the joint name of A1, A2 and A3. What is the best way to divide this property among A1, A2 and A3.
Appreciate your help. Please ask for more information if need be.
