Clarification regarding right of relinquishment in Ancestral property.

My grandmother's property was transferred jointly to my father and my father's younger brother with 2/3rd and 1/3rd share respectively. My brother had debts outside. He had given blank cheques and bonds. My doubt is if he doesn't clear his debts, whether our 2/3rd share goes to encumberance in the court if his creditors file a suit on him ? If we make relinquishment deed on right of ancestral property now, will it be valid in the court of law for all future purposes ? Shall we get any problem from my brother or from any third party in future if relinquishment deed is made without consideration and clearing his debts by us privately ? Our religion is Hindus.