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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.
This deed of family arrangement is entered between the children, wife and the administrator. The administrator assigns the property to a third party and distributes the sale proceeds to the beneficiary.
This document should be carefully read by the beneficiaries of the deceased's estate and the administrator.
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 and assignment fee should be clearly stated.