as per the IPC,what is the difference between WILL & SETTLEMENT of a property?

Question

if the settler wishes,can the beneficiary be changed if the document has already been registered ?

thanks for enlightening me on the subject.
however,I'm giving the following case for your opinion.The father A, by virtue of settlement of a property, gets it from his father. A's wife gave birth to a girl child & dies when the daughter was 9 yrs old.
Subsequently, A marries C and becomes father of a boy.
To avoid disputes,A settles a part of his portion in the favour of his daughter and registers. He also helps her to get a loan from a bank
in her name and signs as a co-obligant.After fully repaying,he receives the original documents from the bankers.
Now the problem starts. At the instigation of his wife, A wants the property to go to the son of his second wife.
*Once the settlement doc has been registered by paying full stamp duty, loan availed and since closed[the father signing as a co-obligant]can the beneficiary be changed?
*If so, on what grounds?
*now the daughter is poor with 1 major& 2 minor childrens.
*Will 1/2 of the entitlement[TN Act] to daughters apply here?

Answer 1

This disputed property stands in the name of the father who as per registered settlement deed/will, promised half of it in favor of his daughter from his first wife or in other words had appointed her as a beneficiary of this half portion of the property. This portion of property goes to the daughter as a beneficiary only on the death of the father not before. This settlement deed or will was got registered. Any such settlement deed or will although registered can be revoked any time before his death by the father & a new will can be made & got registered. As far getting loan on the basis of this property taken by the daughter is concerned, in this case the father was a co-applicant as the property stood in his name & why the daughter was allowed the loan as this a security because she was beneficiary of half of this property, & in event of the death of the father during the pendency of the loan repayment period the bank can keep its claim open from the daughter as she gets half the portion of this property as per this settlement deed or the will of the father, keeping this thing in mind the bank or financial institute had given this loan. The bank or the financial institutes which give loan keep the original papers of the property as a security to ensure there refund of loan amount & interest thereon. This act in no way gives any absolute right to the daughter to claim the half portion willed in her favor before the death of her father. Her claim for this portion comes in operation on the death of the father not before that. In no way the daughter can claim this portion of the property now from the father as she was allowed a loan by the bank on the basis of the actual papers & her registered settlement deed or the will of the father. This law stands good for any state of India including Tamil Nadu. This daughter is not financially sound & has three children can be a consideration in the mind of the father not to debar her from his will & continue his original will alive wherein he settled half the portion of his property in favor of her after his death, but this cannot be any consideration in the mind of the court to allow her to have half the portion of the property if the father had cancelled his previous settlement or will & made a new one debarring her of any portion in this property nor the court can ask the father to do so as this is beyond their jurisdiction to force any one to settle any property belonging to the individual as per their order & not according to his own free will. As far getting 1/3 portion,not 1/2 of the property otherwise can apply to her in case this original settlement/will is cancelled/revoked by the father & he doesn't make any other settlement/will then according to the rule of Hindu (provided the parties are Hindu by religion)succession after her father's death as then only three surviving heirs (her step mother, son & she, herself)in the class 1 category will be their to share this property. Hope this point is clear now.

Answer 2

Firstly the IPC thats the Indian Penal Code, does not talk or deal with either a WILL or a SETTLEMENT. This Act only deals with Punishable Offences.
Of these documents the first is a testamentary document finding mention in the Transfer of Property Act, Registration Act and the Various Succession Acts.
The second is a document whereby the parties to it, amongst themselves decide that to what use and to whose use all or certain properties would be made after the execution of this document. This is usually a kind of partition of properties amongst the family members.
In the first case, regardless of registration, the testator, that is the author of will, can get the registration cancelled and change his or her will.
In the second case that is in the case of a settlement, the only course available is to approach the civil court, by filing a Suit for Declaration to the effect of having the Document Anulled.
In both cases, and I mention this only for the sake of knowledge, registration of the document is not necessary, however a registration adds to the genuineness of the document.

Answer 3

Mr. Romantic has already answered the acts which deal with the tow words. An important difference is a WILL becomes effective only after the life time of the person who creates it. But settlement takes immediate effect. In the case of settlement, stamp duty has to be paid as per the applicable rules and assessed market value at the time of registration. In the case of WILL, the registration charges are only nominal and has not relation with value of assets covered under the will

Answer 4

If A , who got the property from his father, hasa registered the property in his name, then he is the absolute owner. He can write a WILL and bequeth the property to any one he likes. But the WILL becomes effective only when AS dies. If A is still alive ha can change is WILL as many times he likes and the last will is the effective one. But if he transfers the property to say B, during his lifetime there is nothing any one else can do.