Answer
The word, Sayyed, is an Arabic word meaning master, leader, employer, etc.
The word Sayyed as a prefix or suffix to one’s name generally implies to be
a descendant of Rasulullah (Sallallaahu Alayhi Wasallam). However, that is
not a principle. If you do not know being a descendant of Rasulullah
(Sallallaahu Alayhi Wasallam), you should research that. Nevertheless, there
is no prohibition in your family name being ‘Syed’ and you do not have to
remove that identity.
and Allah Ta’ala Knows Best
Mufti Ebrahim Desai