The deceased has been identified as Bawa Singh, they said.
He was allegedly killed by his son Kulwant Singh, daughter-in-law Ranjit Kaur and grandson Paramjit Singh last night, they said.
Jaswant Kaur, daughter of Bawa Singh lodged a complaint with the police that his father had made a will stating that he will transfer his wealth to his grandsons, police added.
However, over some issue, he threatened to withdraw his will. Enraged upon it, the accused persons killed him, they said.
A murder case was registered against accused, police said, adding that all of them were on the run.