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.