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How can I make an agreement between siblings legally binding regarding distribution of an asset in their father's estate?
Anonymous6 views3 answers
My father-in-law died intestate in Arkansas. He owned property in Wisconsin that all five children have agreed to sell. Because this property was involved in a lawsuit after his death, two of his five children had to put in time and money that everyone agreed would be reimbursed by the estate at the time of the sale. The amount was verbally agreed to by all parties. How can I make this agreement legally binding so that no issues arise at a later date?
As with most contracts, if you want to make it binding, you should hire an attorney to draft it. You can all hire a single attorney if each of you waives any possible conflict of interest, so the cost should be relatively low for each of the five of you.
Good luck to you.
Joseph Jonathan BrophyEthics / Professional Responsibility LawyerWhite Plains, NY ·
I would only add to the prior answer, that drawing up your own agreement is a really bad idea. If the agreement is not drawn up correctly and with the clear consent of all the parties, there could be trouble down the line. You can't afford not to use a lawyer- or lawyers if a possible conflict comes up.
For real estate to be able to be transferred in Arkansas the estate of the owner must be probated in the Probate Court of the county in which he died or a Title Company will not clear title for you to sell the property. You should contact a probate attorney in the county and have the real estate probated then all of the beneficiaries can reach an agreement as to the distribution of the sale proceeds
