Estate redistribution agreement, also known as an inheritance agreement or family settlement agreement, is a legal document that outlines the distribution of a deceased person`s assets. This agreement is usually negotiated and signed by the beneficiaries of the estate, and it is important to ensure that the agreement is prepared properly to avoid future conflicts among the beneficiaries.
An estate redistribution agreement typically covers several key areas, including the identification of the assets and liabilities of the estate, the identification of the beneficiaries, the allocation of assets and liabilities among the beneficiaries, and the terms and conditions governing the distribution of the assets.
One of the benefits of an estate redistribution agreement is that it can help to avoid disputes among the beneficiaries. By negotiating and agreeing to the terms of the agreement, the beneficiaries can avoid potential conflicts that may arise during the distribution of the estate.
Here is an example of an estate redistribution agreement:
Agreement Concerning the Distribution of Estate Assets
1. Identification of the Parties
This agreement is made as of _____________, by and between the beneficiaries of the estate of ______________, deceased.
2. Identification of the Assets and Liabilities of the Estate
The following assets and liabilities are identified as part of the estate:
– Bank accounts
– Real estate
– Liabilities (such as outstanding bills and taxes)
3. Identification of the Beneficiaries
The following beneficiaries are identified:
– Sally Smith
– John Johnson
– Sarah Brown
– Jane Davis
4. Allocation of Assets and Liabilities
The following assets and liabilities are allocated as follows:
– Bank accounts: divided equally among all beneficiaries
– Real estate: sold and proceeds divided equally among all beneficiaries
– Vehicles: sold and proceeds divided equally among all beneficiaries
– Investments: divided equally among all beneficiaries
– Liabilities: paid off using estate assets and any remaining balance divided equally among all beneficiaries
5. Terms and Conditions Governing the Distribution of the Assets
The distribution of the assets will be made within 60 days of the signing of this agreement. Any disputes arising from the interpretation or implementation of this agreement will be resolved by arbitration.
By signing below, the beneficiaries indicate their agreement with the terms of this estate redistribution agreement.
Sally Smith John Johnson
Sarah Brown Jane Davis
It is essential to consult with legal counsel before finalizing any estate redistribution agreement to ensure that all relevant state and federal laws are considered and adequately addressed. With a well-prepared agreement, beneficiaries can have peace of mind knowing that their inheritance will be distributed fairly and equitably, according to their loved one`s wishes.