Fill and Sign the Widow Form

Agreement Between Widow and Heirs as to Division of Estate Agreement made on the ____ day of ___________________________________, 20____, between __________________________________________ (Name of Widow) of _____________________________________________________________________ ________________________________________________________________________ __________________ (street address, city, county, state, zip code) , referred to herein as Widow, ____________________________________________________ (Name of First Heir) of ________________________________________________________________ ________________________________________________________________________ ____________________________ (street address, city, county, state, zip code) , referred to herein as First Heir, and _________________________________________________ (Name of Second Heir) of __________________________________________________ ________________________________________________________________________ ____________________________ (street address, city, county, state, zip code) , referred to herein as Second Heir. Whereas, ________________________________________________ ( Name of Decedent) , herein called Decedent, formerly of _________________________________ ________________________________________________________________________ ____________________________ (street address, city, county, state, zip code) , died on __________________________________ (date of death) , leaving __________________ ________________________________ (Name of Widow) , his Widow, and First Heir , his ________________________________ ( relationship to Decedent) , and Second Heir , his ________________________________ ( relationship to Decedent) , as his only heirs; and Whereas, Decedent left an estate consisting of the following property: (Describe property and segregate descriptions as to real property and personal property) _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ ; and Whereas, there are no outstanding mortgages or other encumbrances or unpaid claims against estate of Decedent; and Whereas, it is the intent of the parties to this Agreement to retain all of the real property in the estate and to satisfy estate taxes, creditors' claims, and any administration expenses by sale of the personal property in the estate of Decedent; Now, therefore, in consideration of the surrender of claims as widow and heirs to the estate of the Decedent, and in further consideration of a speedy settlement of such estate, the parties agree to partition and divide the estate of Decedent as follows: 1. Widow’s Compensation Widow is to receive as compensation for the period of her natural life, in lieu of amounts to which she is entitled under _________________________________ (citation of appropriate statute regarding statutory widow’s share) , ______% of the net rental income (after deduction of all other charges and expenses) from the real property situated in (Give locations of real property as to state, county, city, and street) _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ ___. 2. Widow’s Occupancy and Use of Premises A. Widow will continue to occupy the property located at ________________ ________________________________________________________________________ ________________________________________________________________________ ________________________ (street address, city, county, state, zip code) , such property being herein called Residence and part of the estate of the Decedent. She will have no obligation to pay rent on such Residence ; nor will any objection be raised as to her use of that property as a residence or renting Residence to a third party. The rent derived from any such rental will not be included in Widow’s share of rental as described in Paragraph 1 above. B. Widow will have the right to continue occupancy of Residence for the period of her natural life or until such Residence is sold pursuant to a subsequent agreement between the parties to this Agreement. 3. Personal Property Estate taxes, creditors' claims, and all expenses of administration will be satisfied by the sale of so much of the personal property in the estate of the Decedent as is necessary to provide sufficient funds for those purposes. Any personal property remaining after such sales will be divided equally among the parties. 4. Rights of Heirs First Heir and Second Heir will each have, as their share of the estate of the Decedent, a ______ % share in the real property of the estate or in the proceeds from the sale of such property. The heirs will each receive ______ % of the net rental income from the real property after deduction of the compensation payable to Widow as set forth above in Paragraph 1. 5. Governing Law This Agreement will be governed by, construed, and enforced in accordance with the laws of ____________________________________________ (name of state) . 6. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. WITNESS our signatures as of the day and date first above stated. ____________________________________ Signature of First Heir ____________________________________ Signature of Second Heir ____________________________________ Signature of Widow STATE OF __________________________________________ COUNTY OF _______________________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ____ day of __________________________________, 20___, within my jurisdiction, the within-named ______________________________________ (Name of First Heir), who acknowledged that he executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission Expires: ______________________ STATE OF _____________________________________ COUNTY OF _______________________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ____ day of __________________________________, 20___, within my jurisdiction, the within-named ______________________________________ (Name of Second Heir), who acknowledged that he executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission Expires: ______________________ STATE OF ________________________________________ COUNTY OF ______________________________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ____ day of __________________________________, 20___, within my jurisdiction, the within-named ______________________________________ (Name of Widow), who acknowledged that she executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission Expires: ______________________