The Shiite sect of Islam follows this method of distributing family property. Such a distribution transfers the deceased`s estate equally to each member of the same branch as the deceased. The deceased member`s share is then distributed proportionally among its beneficiaries. A family comparison contract can be submitted orally or in a written format, but documentation is recommended as it helps to avoid confusion. For example, a widow with a $4 million collective property cannot enter into a family contract with her children by changing her husband`s willingness to directly transfer half of his fortune to his children, saving her heirs more than $700,000 in taxes. She can give her children half the property. And the court will let him do it, and it will be binding on them and for the children. But it will not be binding on the IRS, and taxes will always be due. HOWEVER, if the same widow has a stepchild who has been disinherited, and the will has recently been rendered in circumstances that could be an undue influence, then a reasonable arrangement to transfer some of the inheritance to the child more likely for the IRS, but this goes through the framework of this blog. Documents duly certified notarized and registered with the relevant legal authorities guarantee all appeals to rights holders. The family comparison agreement can also be registered as a property or divorce agreement with all the clauses and conditions agreed before the Registrar. The agreement binds all parties to the agreement by referring to the legal obligations of the Indian Contract Act.
Those who sign the deed should also bear in mind that the act of colonization also has the force of law and that all parties who accept the conditions must comply with it. It would also be forwarded to the relevant authorities, who will facilitate the transfer of ownership and distribution under the terms set out in the agreement. Parties are also required to execute a No Objection certificate and other documents relating to the transfer of a property. The comparison should be made in order to resolve family disputes and competing claims through a fair and equitable division of real estate between the various family members.