Answer
Wa ‘alaykum As-Salamu waRahmatullahi wa Barakatuh.
In the Name of Allah, Most Gracious, Most Merciful.
All praise and thanks are due to Allah, and peace and blessings be upon His Messenger.
In this fatwa:
1- Whatever property the father gives to his children in his life is considered a gift.
2- This is provided that no injustice is done to any of the children nor is any deprived from their inheritance.
Answering your question, the General Iftaa’ Department in Jordan, states the following:
Whatever property the father gives to his children in his life is considered a gift. However, equality is recommended when gifting children, but it isn‘t obligatory, be it a charity or a grant.
This is provided that no injustice is done to any of the children nor is any deprived from their inheritance since the Prophet (peace be upon him) said: “Be afraid of Allah, and be just to your children.” (Agreed upon)
When the father decides to divide his property among his children in his life, it is preferable to record this in writing and to have witnesses to that, then disclaim that property at the Lands Dept. in order to prevent any dispute. Allah the Almighty said: “And call to witness” (Al-Baqarah 2:282)
It is the right of every child to accept the gift or turn it down. If the latter happens, then the gift goes back to the father if he is still alive, and to his heirs if he isn‘t.
Moreover, the gift isn‘t binding and remains owned by the father unless he officially disclaims it at the Lands Dept. However, he has the right to back out on that gift before it is officially transferred to his child, and he could even reclaim it if the child hasn‘t disposed of it in any way, such as renting or selling.
Finally, the Fatwa Dept. doesn‘t recommend that a father divides his property in his life since Allah the Almighty has appointed for everyone who has a right what is due to him.
Almighty Allah knows best.