I raised the following query om 18-02-2011:-
I am an unmarried male person. My age is 74 years. An immovable property (2 grounds plot of land) stands in my name. I want to effect a deed of settlement of the property, in favour of one of my brother's son, who is a doctor, out of love and affection. My other brothers have absolutely no objection to my proposal. Is there any restriction under the law for effecting such a settlement? Please enlighten me of the precise position in this regard.
Shri Y.Prakash (Expert) was kind enough to answer on the same day that "there is absolutely no issues and you can very well execute a settlement deed in favour of your brother's son".
The clarification that I need is on the following:-
Some advocate friends whom I contacted earlier were of the view that a settlement deed can be effected only in favour of direct family members, such as wife, children and brothers. It cannot be done in favour of brother's son. If at all the settlement were to be effected as intended by me, it should first be done in favour of my brother first, who in turn can do it in favour of his son. I would like to know the name of the Act and Rules governing settlements. Please also be kind enough to throw light on the subject.
