Family Settlement agreement -Pa.

[Decades]

What is the name of your state? Pennsylvania


I've done all the tasks for settling my dads estate except the family settlement agreement and distributing the assets. I would like to see a sample family settlement agreement form.
Unfortunately this appears to be a closely guarded secret document.

 

[quincy]

What is the name of your state? Pennsylvania


I've done all the tasks for settling my dads estate except the family settlement agreement and distributing the assets. I would like to see a sample family settlement agreement form.
Unfortunately this appears to be a closely guarded secret document.

A family settlement agreement includes an accounting of the estate assets and estate expenditures (e.g., debts paid) sent to the beneficiaries of the estate for review, with signed and notarized releases from each of the beneficiaries stating that the beneficiaries have reviewed the estate administrative accounting, accept the accounting, and agree to waive all possible future claims against the executor. The releases protect the executor of the estate from legal liability. Once all beneficiaries sign the releases, the executor will distribute the remaining estate assets.

You can contact the Orphans’ Court to see if a standard form is available (http://www.pacourts.us/forms/for-the-public/orphans-court-forms). I don’t know if one is or not.

 

[zddoodah]

Congrats.

Do you have a question?

 

[Zigner]

Congrats.

Do you have a question?

While not phrased as a question, it is obvious from the OP what is desired:

I would like to see a sample family settlement agreement form.

 

[quincy]

As a note, having a family settlement agreement with notarized releases is just one way to close out your father’s estate. As executor of your father’s estate, you can also have your final accounting of the estate assets and expenses audited by the Orphans’ Court. If anyone objects to your accounting of estate assets and expenditures, these objections will be scheduled to be heard on a date set by the judge.

If there are no objections, you file a Petition for Adjudication with the Orphans’ Court, which when approved will allow for you to make final payments and distributions to the beneficiaries and close the estate.

There IS a Petition for Adjudication form available through the link I provided earlier.

If you decide to go the Family Settlement Agreement with releases route, I recommend you have an attorney assist you. Even though nothing really prevents a lawsuit - including a legally binding contract - a well-drafted settlement agreement and well-drafted releases will make any lawsuit less likely.