Common Contracts
4 similar Redistribution Agreement contracts
Redistribution agreement pdfRedistribution Agreement • July 30th, 2023
Redistribution agreement pdfRedistribution Agreement • July 27th, 2023
It is often the case in in deceased estates, particularly in instances of intestate succession, that immovable property falls to be inherited by more than one heir. However, joint-ownership of property is often not ideal as it is possible that the heirs have an acrimonious relationship – if not before the death then often after the death. Joint ownership can be avoided as follows:- The heirs can enter into a Redistribution Agreement in terms of which one of the heirs inherits the whole property and the other heir/s be paid the value of their inherited share in the property in cash. One of the heirs may purchase the property from the estate.
Redistribution agreement pdfRedistribution Agreement • May 17th, 2023
When a person dies, their beneficiaries may inherit moveable and/or immoveable assets in terms of a valid will (testate succession) or interstate succession (in terms of the Intestate Succession Act No 81 of 1987). However, not all the heirs concerned may be thrilled with what they have inherited, and they therefore have the option to redistribute the assets among themselves by way of a written redistribution agreement. Where moveable and/or immoveable property is left to more than one heir for instance, instead of co-ownership, an individual heir may take sole ownership of certain assets, in terms of such redistribution agreement. The formal requirements of redistribution agreements will be briefly summarised in this article. Formal Requirements for Redistribution Agreements It is important to bear in mind that when heirs enter into a redistribution agreement, it must be submitted to the Master of the High Court, along with the liquidation and distribution account. The Master of the H
Redistribution agreement deceased estate templateRedistribution Agreement • May 2nd, 2023
A Redistribution Agreement is an agreement entered into by and between the heirs (testate or intestate) or legatees, and in some instances the surviving spouse, of a deceased estate in terms whereof they agree to equitably vary the bequest(s) made in the deceased’s Will; or in terms whereof they equitably vary the distribution of the estate in terms of intestate succession, as they see fit. Although it is not a requirement, the Executor of the estate may also be a party to the agreement, in his/her capacity as Executor. The heirs or legatees cannot enter into a redistribution agreement with persons who are not heirs or legatees or the surviving spouse(s) to the estate. For example, a trust, a company, or a close corporation having no right of inheritance from the estate (for example by will), albeit the heirs being trustees, beneficiaries, directors, or members of such entities, cannot be a party to Redistribution Agreement. In terms of the provisions of the Deeds Registries Act, 47 of
