The Deed of Family Arrangement alters the way the deceased person's assets will distributed between the beneficiaries. In this template, the widow waives her right, title and interest in the property and two children get ownership of the properties of the deceased.
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The document should be signed by the authorised signatory (or directors of a company) and witnessed to complete the formality.
A Deed of Family Arrangement records the distribution of assets between the beneficiaries by the administrator of the estate.
When a person dies without a will then his/her estate is inherited by the beneficiaries as per the applicable intestate’s laws. However, the beneficiaries may agree to redistribute their entitlement and enter into a deed of family arrangement to record the terms of distribution of the deceased's estate.
In this template, one of the beneficiaries is appointed as the administrator of the estate and the wife of the deceased has agreed to waive and renounce all his/her benefits, rights, titles, claims and interest in the property in favour of the children
This document should be carefully read by the beneficiaries of the deceased's estate.
All parties should sign and return a copy, and once signed, all parties should get a copy. To avoid any future disputes, all parties may wish to have their signatures witnessed.
The property description should be clearly stated.