Fill and Sign the Wills and Estateslaw 101 Fundamentals of the Law Form

Agreement to Devise or Bequeath Property of a Business Transferred to Business Partner Agreement made __________________ (date), between __________________ (Name of Party 1), of _____________________________________________ (street address, city, county, state, zip code), and __________________ (Name of Party 2), of _____________________________________________ (street address, city, county, state, zip code). Whereas, it is acknowledged that the ongoing success and growth of __________________ (Name of Business) (the Company ) is attributable to the work and dedication of __________________ (Name of Party 2) and the financial support and funding of __________________ (Name of Party 1); and Whereas, the Parties are the owners of the majority of the issued and outstanding stock of the Company; andWhereas, the Parties desire that upon the death of __________________ (Name of Party 1), the control of the Company shall be vested in __________________ (Name of Party 2); and Whereas, __________________ (Name of Party 1) is willing under and subject to the terms and conditions of this Agreement, to provide in __________________ (Name of Party 1)'s Last Will and Testament that all of __________________ (his/her) stock, both common and preferred, of the Company shall be bequeathed to __________________ (Name of Party 2); Now, therefore, for and in consideration of the matters described above, and of the mutual benefits and obligations set forth in this Agreement, the Parties agree as follows:1. At the death of __________________ (Name of Party 1), an independent consulting or accounting firm shall be retained to value the shares of the stock held by __________________ (Name of Party 1). 2. Once the shares are valued and after __________________ (number) days after the death of __________________ (Name of Party 1), the remaining Party shall transfer to the spouse of the deceased Party, if living, or the children of __________________ (Name of Party 1) if the spouse is no longer living, the value in full of the shares of stock as determined by the independent consulting or accounting firm. If no spouse or children are alive at the time of the death of __________________ (Name of Party 1), then the beneficiary of the remainder of the deceased __________________ (Name of Party 1)'s Last Will and Testament shall be entitled to the transfer of the value of the shares of stock in the Company. 3. The Parties further agree not to transfer, assign, or encumber any of their stock in the Company. 4. Any other stock, securities, cash, or other property received by the Parties upon the sale or exchange of their stock in the Company, or in the event of a merger, consolidation, spin-off, split-off, or split-up, will be subject to the terms and conditions of this Agreement.5. The Parties agree to not change their respective Last Wills and Testaments in any way to alter materially the terms of this Agreement.6. Upon mutual Agreement of the Parties, the Parties, during their lifetime, may revoke this Agreement without penalty or cause. If only one Party wishes to revoke this Agreement, that Party shall pay the other Party $__________________ for that privilege. 7. If the Parties die within __________________ (number) days of each other, then this Agreement shall be considered null and void. The shares of stock of each Party shall pass to the respective heirs of each Party. Each Party agrees to make provision in that Party's estate planning documents for this contingency. 8. This Agreement shall be construed under the laws of the state of __________________ (Name of State) . The Parties have executed this Agreement at __________________ (place of execution) the day and year first set forth above. _____________________________(Signature of Party 1)________________________(Printed Name of Party 1)____________________________(Signature of Party 2)________________________(Name of Party 2)(Acknowledgments)