Family Provision
6. A Deed of Agreement
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 23 Jul 2015
- If an agreement can be reached between the parties that agreement is then documented in a ‘Deed of Release and Indemnity’ or a ‘Deed of Family Arrangement.’
- If the agreement is reached in a court ordered mediation draft orders are prepared and presented to the court for approval.
- However it is always good practice and provides better protection to the executor or administrator to have the court approve any agreement reached between the parties.
- Whether an agreement or draft orders is the result the document must record the terms of the agreement between the parties. This usually includes:
- the actual settlement details such as the amount the claimant is to receive from the estate;
- from which part of the estate the provision is to be made;
- the adjusted amounts that other beneficiaries will receive; and
- when the payment is to be made.
- Court rules in each state and territory may also prescribe specific information that must be included in an agreement or draft orders.
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