Virgin Islands Agreement Between Heirs and Third Party Claimant as to Division of Estate

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State:
Multi-State
Control #:
US-01111BG
Format:
Word; 
Rich Text
Instant download

Description

Agreements among family members and claimants 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.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Agreement Between Heirs and Third Party Claimant as to Division of Estate
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FAQ

Simplified Probate for Small Estates Not all estates must go through a long and expensive probate process. Pennsylvania offers a simplified probate process for small estates, which state law defines as estates that contain no more than $50,000 in assets.

In Pennsylvania, it is only necessary to probate if the decedent owned assets, whether financial or real estate holdings, solely in their name which did not already have a beneficiary designated.

The length of time an executor has to settle an estate in Pennsylvania can vary considerably, typically spanning from several months to over a year, depending on factors like the size and complexity of the estate, the clarity of the will, and whether the probate process is contested.

The process of settling an estate involves naming a personal representative, collecting estate assets, filling appropriate forms with the Register of Wills, notifying heirs, providing a public notice, paying all debts and taxes, and distributing the remaining assets to heirs named in the will or under the laws of ...

In Pennsylvania, it is only necessary to probate if the decedent owned assets, whether financial or real estate holdings, solely in their name which did not already have a beneficiary designated. Such assets are called probate assets, and in order to convey ownership of them it is necessary to probate.

Unfortunately, every estate is different, and that means timelines can vary. A simple estate with just a few, easy-to-find assets may be all wrapped up in six to eight months. A more complicated affair may take three years or more to fully settle.

These are known as settlement of small estate on petition, grant of letters, ancillary probate or administration and temporary fiduciary administration.

Section 3392 states that all creditor claims shall be paid in the following order: (1) the costs of administering the decedent's estate, which includes any probate fees, attorneys' fees, or personal representative commissions; (2) the family exemption, which is $3,500.00 for each family member who resided with the ...

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Virgin Islands Agreement Between Heirs and Third Party Claimant as to Division of Estate