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.
Virgin Islands Agreement Between Heirs as to Division of Estate
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Your will may not need to go through probate if: You have a small estate?many banks will release assets under a certain dollar amount. If a financial institution agrees to waive a grant of probate (they may require additional protections) If you are a First Nations member who is a resident of a reserve.
The probate process is a court-supervised proceeding in which the authenticity of the will left behind is proven to be valid and accepted as the true last testament of the deceased. The court officially appoints the executor named in the will, which gives the executor the legal power to act on behalf of the deceased.
