Texas recognizes what are called “family settlement agreements.” A family settlement agreement will be enforced by a court even if the distribution of the assets under the agreement differ from the distribution of the assets under the will. A family settlement agreement is an alternative method of administration in Texas that is a favorite of the law.
Family settlement agreements may come about when the will does not treat the testator’s children equally but all of the children want to divide the estate equally. This happens when a parent and a child are estranged at the time of the execution of the will. The family may want most of the estate to go to a less fortunate sibling who is not doing as well financially as the others. There may also be tax reasons to enter into a family settlement agreement.
Family settlement agreements may also be used to settle will contest cases.
To be enforceable, the family settlement agreement must:
- be agreed to by all of the heirs and beneficiaries;
- provide that a purported will shall not be probated; and,
- provide for a plan of distribution of the estate to replace the one in the will.
By Robert Ray a Texas inheritance attorney. The foregoing information is general in nature and does not apply to every fact situation. If you are concerned about Texas inheritance laws, inheritance rights, probate limits, have a family inheritance dispute, a property dispute or want to know the reasons for contesting a will or protecting a will from a contest and need an inheritance lawyer, we can help. Please click on the “Contact Us” tab above and use the contact form to contact us today. We are Texas inheritance lawyers and would love to learn about your case. There is no fee for the initial consultation.
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