Dec
17
2024
Could A Family Settlement Agreement Help You Avoid A Contested Probate?
Sometimes, the deceased’s family and loved ones disagree with the terms of the Will or its interpretation. This can lead to a contested probate. A contested probate can be a very expensive and stressful process. It’s no surprise that many families would prefer to skip this strife-filled situation, if possible.
In a well-constructed Will, there is generally what is called a “no contest” or “in terrorem clause.” This clause provides that anyone who contests a Will forfeits what they would have received, either under the Will or by operation of law if there was no Will. That frequently will discourage a contested probate from ever occurring. However, some heirs will challenge the terms of a Will or the fact that they had been omitted from the Will regardless of such clause. If there is no such clause in the Will, the heirs may feel more comfortable challenging a Will.
Fortunately, Texas allows a family settlement agreement to function as an alternative to a contested probate process. A family settlement agreement can be a useful tool for ensuring your loved one’s estate is divided fairly and in a manner that all heirs can agree upon. In the right circumstances, it’s a flexible and affordable option that is much easier than a contested probate.
However, there are certain requirements that need to be met in order for this agreement to be used to resolve a contested probate situation, and there are some consequences you’ll need to consider before going this route. In this blog, we’ll explore when a family settlement agreement might be used to resolve issues concerning the Will, so you can determine whether it could be a good fit for your family.
What Is A Family Settlement Agreement?
A family settlement agreement is a legal document that can be used to avoid or resolve a contested probate if the family of the deceased loved one mutually agrees to the distribution of the estate. The agreement must address these criteria:
- The beneficiaries’ rights to convey their inheritance to others
- An agreement to the alternative distribution plan to probate
In Texas, a family settlement agreement is often a preferred solution over a contested probate because it is simpler, quicker, and more affordable. The agreement may alter the terms of the Will in question.
Is A Family Settlement Agreement Right For Your Situation?
Because a family settlement agreement is simpler and more cost-effective than a contested probate process, it can be an appealing option for families who want to make distributing a loved one’s assets less stressful when there is disagreement about the validity or the terms of a deceased loved one’s Will.
However, because there are specific requirements for a family settlement agreement that must be met, you’ll need to meet with an experienced probate attorney to find out if you’re able to take advantage of this alternative.
If you would like to discuss the probate process in Texas in more detail, schedule an appointment with Adair M. Buckner now.
*(The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)
**This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
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Mrs. Buckner did a full estate plan for me. Her work was excellent, her communication was great, and the price was reasonable. I would highly recommend her for your estate planning needs.
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