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Settlement deed executed with life interest what is the procedure
29-Jul-2023 (In Property Law)
A settlement deed is executed with "life interest". However, subsequently, the settlor is alive and the settlee has expired leaving behind legal heirs. What is the legal position for the legal heirs of the settlee with respect to the property?.... Can the legal heirs release or sell the property?... If they have already done so , can the settlor now ratify the release deeds??
If the settleee has only life interest in the property now settled, then who is the beneficiary?
If there is no ultimate beneficiary then the settlement deed is invalid in the eyes of law.
There can be no conditions in a settlement deed.
As per your contents, the settlee is having only life interest hence she cannot claim the property anytime during her lifetime. If she cannot claim title to the property in what way her legal heirs would be entitled to claim any share or right in the property which never belonged to her?
As a matter of fact the settlement deed without an ultimate beneficiary is invalid, hence the settler can execute another settlement deed but before that, if the previous one was by a registered document, then he has to cancel or revoke the same by executing a cancellation deed stating that the settllee/beneficiary is no more living hence the deed stands cancelled.
If there is no ultimate beneficiary then the settlement deed is invalid in the eyes of law.
There can be no conditions in a settlement deed.
As per your contents, the settlee is having only life interest hence she cannot claim the property anytime during her lifetime. If she cannot claim title to the property in what way her legal heirs would be entitled to claim any share or right in the property which never belonged to her?
As a matter of fact the settlement deed without an ultimate beneficiary is invalid, hence the settler can execute another settlement deed but before that, if the previous one was by a registered document, then he has to cancel or revoke the same by executing a cancellation deed stating that the settllee/beneficiary is no more living hence the deed stands cancelled.
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Adv. T Kalaiselvan
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How do you write life interest in a Will?
Do a life-interesting deed:
In the deed, the personal information of the life tenant and the transferor should be listed. In the deed it is important to discuss the life interest given to the life tenants separately. Both parties should sign the document. 18-Jan-2023
Can a person with life interest sell the property?
In general, (as we did not read the Will), a person with a life interest does not have the rights to sell, transfer, or alienate property in the interests of the absolute owner. This is your son. The right to use the property is limited to the time remaining until the life holder dies. 16-Mar-2019
How do you write a settlement deed?
The names of the parties. The settlement deed will identify the parties to the transaction, which are the buyer and seller. ...
Details of the property. ...
Amount of the transaction. ...
Terms and Conditions ...
Signatures and witnesses. ...
Heading. ...
Parties involved. ...
Property Specifications
Can a settlement deed be conditional?
The settlement agreement that is executed can either be unconditional or conditional. 14-Oct-2021
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