Family Property Sharing Agreement | Documents and Forms | Other Forms

Family Property Sharing Agreement

Family Property Sharing Agreement FPSA-1 Instant Download Price
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$ 49.99 USD
Family Property Sharing Agreement
Buy and Download Description

Our family decided to create a trust and pass down a shared property from my parents to following generations.   We searched and searched the Internet trying to find a document that would help facilitate our discussions, or a template for creating a property sharing agreement, but weren’t able to find anything! So, we worked tirelessly for hours, days, weeks, and months, to create an agreement from scratch. We are now posting a generic version of the agreement to help other families develop a similar framework. This Family Property Sharing Agreement addresses several topics such as:

  1. Basic assumptions for the creation of the trust (property description, original intent, etc.). Final agreement to this document by our family members was the pre-requisite to creating an irrevocable trust.
  2. Allocation of property, building, equipment, mineral rights, vehicles etc. to the heirs
  3. Establishing the heirs as Trustees and what their duties are (fiduciary, communication, maintenance)
  4. What happens if one heir/trustee wants out, if two want out, how they can sell their share, etc.
  5. How the value of the property, home, mineral rights are determined
  6. What hurdles are required before the shared property can be listed for sale on the market (i.e. offered first to family members, how offers are accepted/countered etc.)
  7. How benefits and duties transfer upon death or legal incapacitation of a trustee
  8. Maintenance of the property (i.e. who does what, who approves what, how work is inspected, how expenses are paid)
  9. Funding/Budget (planned and unplanned expenses, budget creation, transparency of account status among all trustees, etc.)
  10. Cottage usage calendars (allocation of days among trustees, responsibilities while visiting, visitor quantity restrictions, liabilities etc.)
  11. Restrictions on game harvesting, quantity of hunters, etc.
  12. Communication (meeting frequency, topics, how decisions are made)
  13. Dispute resolution (dispute acknowledgement, escalation path, how a trustee can be removed from the trust, etc.)
  14. Exhibits (maintenance schedule, property arrival and departure instructions, glossary of terms)

 Downloading this document will allow your family to start with a full agreement that has already been negotiated, and agreed to, by several of our family members. While it may need adjustments for your specific family needs and circumstance, you will be able to leverage its logical framework without all the legal fees.

Our family decided to create a trust and pass down a shared property from my parents to following generations. We searched and searched the Internet trying to find a document that would help facilitate our discussions, or a template for creating a
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