This memorandum of family settlement iss made at _________{city} this ____ day of ____________20___ between Mr. ____________ an Indian resident residing at _____________ ___________ {city}_________ (hereinafter called "the Party of the First Part") of the FIRST PART, Mr. ______________, an Indian resident, residing at _____________ ___________{city} _________ (hereinafter called "the Party of the Second Part") of the SECOND PART and Mr. ____________________, also an Indian resident residing at ______________________{city}______________ (hereinafter called "the Party of the Third Part") of the THIRD PART. 

WHEREAS

• By a WILL dated _____________ of ________________, the decreased, has bequeathed all his properties and assets to the the Party of the Third Part. 

 
• The heirs, who are the sons of _______________ the deceased, have disputed the said WILL on several grounds including that the deceased was not in a sound mental condition to make any valid testamentary disposition of his properties and assets on the day of the said WILL, that the said deceased has left a codicil, the date of whereof is not with certainty decipherable, substantially amending and altering the bequests made under the said WILL, such that the party of the Third Part would not under the said WILL read in conjunction with the said codicil get anything more than a mere pittance of the bequests under the said WILL. 

 
• Due to the aforesaid disputes and differences having arisen amongst the Party of the First Part and the Party of the Second Part on the one side and the Party of the Third Part on the other side, certain claims and counter claims were made by the Party of the First Part, the Party of the Second Part and the Party of the Third Part against one another and as such there was likelihood of the said differences escalating into a long drawn out litigation.

 
• With the object of resolving bona fide the aforesaid disputes arising out of the conflicting claims made by the Party of the First Part and the Party of the Second Part on one side and the Party of the Third Part on the other side as stated hereinbefore and for effectuating a permanent solution of all the outstanding disputes once and for all with the good offices and the aid of well-wishers and mutual friends an arrangement was arrived at for ensuring family peace and harmony after considering what is most in the interest of the Party of the First Part and the Party of the Second Part on the one side and the Party of the Third Part on the other side and in expectation that the present arrangement will result in achieving amity and goodwill among the Party of the First Part and the Party of the Second Part on the one side and the Party of the Third Part on the other side and an arrangement so arrived at shall be binding upon all the parties hereto for all time to come. 

 
• After the aforesaid discussion with the help of mutual friends as stated aforesaid and considering the fact that the parties are related to one another, all the existing disputes and differences were resolved after prolonged discussion amongst the parties to this memorandum on certain terms and conditions and inter alia, in the premises aforesaid, and with a view to avoid any future disputes and/or differences amongst the parties hereto and also to achieve peace and harmony amongst the parties hereto that this memorandum has been entered into to record the said terms and conditions of the Family Settlement already agreed upon on ____________________ by the parties hereto. 

NOW THEREFORE THIS MEMORANDUM OF FAMILY SETTLEMENT WITNESSETH THE SAID TERMS AND CONDITIONS AS FOLLOWS : 
 

• In pursuance of the said agreement and in consideration of the premises, the parties hereto agree that the the Party of the Third Part shall apply to the __________________ Court for grant of letters of administration with the will annexed of the estate of the late ___________, the deceased. 

 
• Without prejudice to their right to get their shares in the estate of the deceased as hereinafter fixed and agreed to by the parties hereto, the heirs shall give their letters of consent to the the Party of the Third Part for obtaining the letters of administration as aforesaid. 

 
• In consideration of the premises, the the Party of the Third Part shall immediately after the letters of administration have been obtained grant, deliver and transfer one-third of the said properties and assets (after setting apart a sum of Rs. ___________/- for discharging the liabilities of the late ______________ and also to meet the expenses for the grant of letters of administration in favour of the Party of the Third Part.) to each of the said heirs and retain the remaining one-third for himself. 

 
• The assets allotted to the said the Party of the First Part pursuant to the Family Settlement arrived at are more particularly described in the First Schedule hereunder written. The assets allotted to the said the Party of the Second Part pursuant to the Family Settlemnt arrived at are more particularly described in the Second Schedule hereunder written. The assets allotted to the Party of the Third Part pursuant to the Family Settlement arrived at are more particularly described in the Third Schedule hereunder written. 

 
• All expenses of and incidental to the grant of letters of administration as also of transfer of the shares to the respective heirs shall come out of the estate of the deceased. 

 
• It is expressly agreed by and between the parties hereto that the heirs shall not claim any rights under the said codicil and the the Party of the Third Part shall not, after obtaining the letters of administration with the will annexed, claim any rights under the said will, save as hereinbefore provided. 

 
• The parties hereto confirm and declare that all the disputes and differences between them are settled and that none of the parties has any further or other claim or demand of any nature whatsoever against the other or others of them. 

 
• The parties hereto expressly agree and declare that they have arrived at this Family Arrangement in order to put an end to existing and future disputes between the parties and with a view to bring about amity and goodwill amongst them and with a view to maintaining peace and bring about harmony in the family. The parties hereto further agree and declare that the terms of the Memorandum of Family Settlement arrived at between them and recorded herein are fair and bona fide and in the interest of all the parties. 

 
• The parties hereto shall sign and execute or cause to be signed and executed all such documents, deeds, writing and/or instructions as may be necessary to give effect to the Family Arrangement arrived at amongst the parties hereto. On _______________ and which is recorded in this Memorandum of Family Arrangement-cum-Compromise.

IN WITNESSES WHEREOF the parties hereto have hereunto set and subscribed their respective hands the day and year first hereinabove written. 

 
SIGNED AND DELIVERED by } the Party of the First Part } 
Shri.......................... } in the presence of ____________ } 

SIGNED AND DELIVERED by } the Party of the Second Part }
Shri ..........................} in the presence of ____________ }

 SIGNED AND DELIVERED by } the Party of the Third Part }
 Shri .......................... } in the presence of ____________ }