Family Settlement Agreement

As stated above, situations arise where an agreement makes sense for example:

1. An ambiguous or poorly drafted will – sometimes, the Will just does not make sense or was poorly drafted and an agreement is needed to clear the issues.
2. A change is needed – the loved one who passed away simply directs property to be distributed in ways the survivors would want to change;
3. A death without a Will – an individual dies without a Will and there needs to be an agreement as to how the property should be split up by heirs
   1. For example, siblings may agree that one gets the house and the other gets the car and bank accounts of equal value rather than splitting ownership of everything equally.
4. Saving time – when families agree, things move more quickly. It’s as simple as that.
5. Peace among the family – an agreement can end disputes and bring peace while avoiding costly, both emotionally and financially, fights.

Of course, there certainly may be other situations in which a family settlement agreement can be appropriate as well.