The Estate Family Settlement Agreement is a crucial document used in Irish legal practice when family members wish to reach a mutual agreement about the distribution of a deceased person's estate that differs from the default position under a will or intestacy rules. This document becomes particularly important in situations where there are complex family dynamics, substantial assets, business interests, or potential disputes over inheritance. The agreement must comply with Irish succession law, including the Succession Act 1965, and typically addresses matters such as asset distribution, tax planning, ongoing family maintenance, and release of claims. It serves as a binding contract between family members and can help prevent future litigation while ensuring fair distribution of the estate assets.
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1. Parties: Identification of all family members and beneficiaries participating in the settlement agreement
2. Background: Recitals explaining the deceased's death, existing will (if any), and reason for the settlement agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Agreement to Settle: The core agreement of the parties to settle the estate distribution as set out in the document
5. Distribution of Assets: Detailed provisions for how the estate assets will be distributed among the parties
6. Tax Provisions: Arrangements for handling any tax liabilities arising from the settlement
7. Release and Indemnity: Mutual releases and indemnifications between the parties
8. Implementation: Practical steps for implementing the settlement
9. Costs: Provisions regarding legal and other costs associated with the settlement
10. Governing Law and Jurisdiction: Confirmation of Irish law as governing law and Irish courts' jurisdiction
11. Execution: Signature blocks and execution requirements
1. Business Interests: Required when the estate includes business assets or shares that need special treatment
2. Foreign Assets: Needed when the estate includes assets located outside Ireland
3. Trust Provisions: Required when part of the settlement involves creating new trusts
4. Minor Beneficiaries: Included when there are beneficiaries under 18 years old
5. Pension and Life Insurance: Required when dealing with pension benefits or life insurance proceeds
6. Dispute Resolution: Optional clause for specific dispute resolution procedures
7. Variation Mechanism: Procedures for varying the agreement if circumstances change
8. Confidentiality: Required when parties wish to keep the settlement terms private
9. Family Maintenance Provisions: Needed when ongoing maintenance or support is part of the settlement
1. Schedule 1 - Estate Assets: Comprehensive list of all assets comprising the estate
2. Schedule 2 - Distribution Table: Detailed breakdown of how assets will be distributed to each party
3. Schedule 3 - Existing Will: Copy of the deceased's last will and testament, if any
4. Schedule 4 - Grant of Probate: Copy of the grant of probate or letters of administration
5. Schedule 5 - Property Valuations: Professional valuations of significant assets
6. Schedule 6 - Tax Calculations: Detailed tax calculations and anticipated liabilities
7. Appendix A - Family Tree: Family tree showing relationships between all parties
8. Appendix B - Legal Opinions: Any relevant legal opinions obtained regarding the settlement
9. Appendix C - Powers of Attorney: Copies of any relevant powers of attorney
Relevant legal definitions
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Estate Planning
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Relevant Teams
Legal
Private Client
Wealth Management
Tax Advisory
Trust Administration
Estate Planning
Property
Dispute Resolution
Family Law
Risk & Compliance
Relevant Roles
Estate Planning Attorney
Private Client Lawyer
Tax Consultant
Wealth Manager
Family Office Manager
Trust Officer
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Legal Executive
Financial Advisor
Estate Administrator
Succession Planning Specialist
Family Law Solicitor
Property Lawyer
Mediator
Risk Management Officer
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