2. In his life we i.e. my mother, me and my only sister don’t have any right over his wealth in his life apart from the money he gives to run the family?
بسم الله الرحمن الرحيم
It is correct that a father is sole owner of all his property and cash etc during his life time; he may do what he wishes. But in another hadith it is also mentioned that if you leave your heirs independent of means, that is better than if you leave them poor and holding out their hands to people. Giving all the wealth in charity and leaving the children poor is against the Hadith.
The answer is correct, but it is not clear as why the father wants to do so.
Allah knows Best!
Darul Uloom Deoband