A family comparison agreement is solid gold in the inheritance court. The Court does not even have the power to approve or reject them. All parties sign it, it is filed before the Court and acts as both a binding and enforceable contract. If put right, it`s a great protection against future liabilities and claims from heirs who spent their inheritance much faster than they ever imagined (and now that they`re thinking about it, they really should have heard more). Under Texas law, the beneficiaries of a will can agree among themselves on the distribution of ownership and agree not to let the will take place. An informal family comparison agreement is a way for the parties to agree on the final estate order, without looking at the will in the traditional way. According to this doctrine, the beneficiaries of a will may agree not to succeed to a will and to distribute the assets of the estate in a manner different from that provided for in the will. Typically, a family comparison agreement requires that all beneficiaries of a will be included in the agreement. In full discharge, any donor of the deceased`s estate must adhere to the agreement. This may mean the whole family and perhaps an agent, but not necessarily the executor or creditors.
If a charity is involved, the Texas Attorney General must receive a notification. Judicial authorization is generally required for minor beneficiaries, although virtual representation of a parent is allowed for some fiduciary comparisons. If you have an heir who is aligned with drugs, for example, but who lives in his great-aunt`s house and is not willing to do something that would sell the house, the other 19 heirs cannot get together without him and sign a family arrangement. Instead, you will most likely end up in a dependent administration where the judge may or may not allow you to take estate funds to make urgent repairs before putting the house up for sale, at a price that must first be approved by the judge, and in the meantime, you need a loan and you need a formal valuation. and must submit accounts and. . . .