Family Arrangement Deed
Family Arrangement Deed
This Family Arrangement Deed ("Deed") is made and entered into on May 15, 2050, by and between the following parties (collectively referred to as the "Parties") [YOUR NAME] residing at [Your Address], [Name of Party 1] residing at [Party 1 Address], [Name of Party 2] residing at [Party 2Address].
I. Background
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The parties are members of the same family.
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The parties wish to enter into this deed to resolve and formalize family arrangements.
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The terms and conditions outlined below will govern the relationship and the distribution of family assets.
I. Purpose of the Deed
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Establish a clear agreement among the parties.
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Define the rights, responsibilities, and obligations of each party.
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Provide for the division of property and other family assets.
III. Distribution of Family Assets
Property
The following property/assets will be distributed:
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House: Located at 123 Oak Street, Springfield, IL, 62704 to be transferred to [Your Name].
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Land: Located at 789 Pine Drive, Springfield, IL, 62704, to be transferred to [Party Name 1].
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Apartment: Located at 456 Elm Avenue, Springfield, IL, 62704, to be transferred [Party Name 2].
Vehicles
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Toyota Corolla to [Your Name].
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Honda Civic to [Party Name 1].
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Ford F-150 to [Party Name 2].
Bank Accounts and Investments
The following will be divided:
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Savings Account at First Bank: To be transferred to [Your Name].
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Investment Account at Springfield Brokers: To be transferred to [Party Name 1].
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Checking Account at Springfield Credit Union: To be transferred to [Party Name 2].
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Other Assets: Any other family assets not explicitly mentioned will be divided as mutually agreed upon by the parties.
IV. Obligations of the Parties
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Taxes: The parties agree to be responsible for any taxes or fees incurred by the transfer of property or assets.
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Debts and Liabilities: Any existing debts or liabilities related to the transferred assets will be assumed by the recipient party.
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Compliance with Law: The parties agree to comply with all applicable laws and regulations in executing this deed.
V. Dispute Resolution
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Mediation: In the event of a dispute, the parties will first seek mediation with a mutually agreed-upon mediator.
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Arbitration: If mediation is unsuccessful, the parties agree to binding arbitration with an arbitrator chosen by both parties.
VI. SIGNATORIES
This Deed witnessed that the parties have executed this Deed on the day and year first above written.
[Your Name]
[Date Signed]
[Name of Party 1]
[Date Signed]
[Name of Party 2]
[Date Signed]
VIII. Miscellaneous Provisions
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Entire Agreement: This deed constitutes the entire agreement between the parties.
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Governing Law: This deed will be governed by the laws of [Jurisdiction].
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Amendments: Any amendments or modifications to this deed must be in writing and signed by both parties.
NOTARIZATION:
State of [STATE], County of [COUNTY]
On this [DATE], before me, a Notary Public in and for said county and state, personally appeared [Your Name], [Name of Party 1] and [Name of Party 2], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
[NOTARY PUBLIC NAME]
Notary Public in and for [STATE]
My Commission Expires:
