Agreements among family members for the settlement of an intestate's estate will be upheld in the absence of fraud and when the rights of creditors are met. Intestate means that the decedent died without a valid will. The termination of any family controversy or the release of a reasonable, bona fide claim in an intestate estate have been held to be sufficient consideration for a family settlement.
A Kentucky Agreement Between Heirs as to Division of Estate is a legal document that outlines the division of an estate among the heirs in the state of Kentucky. This agreement is typically executed by the heirs after the death of the property owner, with the purpose of ensuring a fair and amicable distribution of assets. It helps to avoid potential conflicts and disputes that may arise during the probate process. In a Kentucky Agreement Between Heirs as to Division of Estate, the following key elements are typically included: 1. Identification of Heirs: This section identifies all the heirs involved in the estate and their respective relationship with the deceased. It ensures that all eligible heirs are considered and included in the distribution process. 2. Estate Inventory: A detailed inventory of the deceased's assets and liabilities is listed, including real estate, bank accounts, investments, personal property, and any outstanding debts or obligations. This inventory serves as a basis for determining the value and division of the estate. 3. Division of Assets: The agreement outlines how the assets are to be divided among the heirs. It may include specific instructions regarding real estate properties, monetary assets, personal belongings, or any other valuable possessions. The division is typically based on the deceased's wishes, if specified in a will, or decided upon by mutual agreement among the heirs. 4. Valuation and Appraisal: If necessary, the agreement may specify the process of asset valuation, which may involve professional appraisers to determine the fair market value of certain properties or assets. This is particularly important when there are complex or high-value assets involved. 5. Debts and Liabilities: The agreement addresses how the deceased's debts and liabilities will be handled. It may specify how outstanding debts will be paid off from the estate, such as funeral expenses, outstanding taxes, mortgages, or other loans. 6. Dispute Resolution: In case of any disagreements or disputes that may arise during the distribution process, the agreement may outline a mechanism for resolution. This may include methods like mediation or arbitration to ensure a peaceful resolution among the heirs involved. While there might not be different types of Kentucky Agreements Between Heirs as to Division of Estate in a strict sense, variations may exist depending on the specific circumstances of each estate, including the complexity of assets and the number of heirs involved. However, the basic structure and purpose of the agreement remain the same — to establish a fair and legally binding arrangement for the division of an estate among the heirs in Kentucky.
