QLD Deceased Estate Property Distribution Agreement - What to Do?

[JSP]

I am an executor of will and beneficiary of a deceased estate. My two brothers are also executors of will and beneficiaries of the estate. There are no other beneficiaries, and the Will bequeaths each of us an equal third share.

There are two properties in the estate, which are not bequeathed to any specific beneficiary. They are just part of the estate. My two brothers each want one of the properties as part of their inheritance. I am happy with this arrangement, and we have agreed on realistic market values. There will be enough other assets in the estate, so that we will all get an equal distribution in the end.

The process of transferring the land titles in Queensland does not establish a record of any monetary value for the properties. My question is, should we draw up some kind of document that states that two of the beneficiaries have received properties as part of their inheritance, and which makes note of the monetary values of the properties?

If we don't, there will be no official record of the properties having been distributed as an inherited asset with a specific value. It would almost be as if my brothers inherited the properties for free, and they would technically still be entitled to a third share each of the remainder of the estate. We basically trust each other, but it's always best to have things like this writing.

Is anyone familiar with a document like this, or know where I could find a suitable template document or contract that I can amend for our purposes.

Thanks for all suggestions.

 

[winston wolf]

This is far too important/valuable to be DIY. You are all in agreement so get a lawyer to do it properly. Unexpected thing happen like one of you getting ill or something. It will cost a few thousand but could save an enormous amount of money and grief. Get it all documented so no misunderstandings spoil things.