Six steps to draft a watertight family settlement to avoid family disputes.

We often come across proceedings related to ancestral properties. Dealing with the same can be tedious and frustrating. So coming together on family settlements is always a better option to avoid bad blood. Just follow the points below to formulate a strong memorandum of family settlement:

• Get the complete details of family properties.
• Mention complete details of what was purchased by which family member.
• Make sure to check which are the ancestral properties and which are self acquired, the family agreement can be done only in respect of ancestral property.
• Do mention that oral family settlement was done which is put into writing, otherwise it will attract full stamp duty.
• Also Mention the family history.
• Mention the shares of each person in each property in the family as per the oral settlement.