any deed can always be challenged provided the objector has solid proof that such deed was a result of fraud, coercion, misrepresentation, deceit, undue influence, etc
if your GM is still living and its her own property which she is dealing with under the family settlement deed, then her children are mere 'presumptive legal heirs'
they can be totally excluded by the GM in cases where the property is sold in her lifetime or when she makes a Will in favour of any third party for that property
also once all the parties have acted on the family settlement deed and later on anybody tries to raise a dispute then that person will be hit by the doctrine of estoppel which will prevent him from raising any objection
though not compulsory, it is advisable to get the deed duly registered with the sub-registrar of assurances