What is a non-judicial settlement agreement?
A non-judicial settlement agreement is a legal agreement between two parties that is used to resolve a dispute outside of the courtroom. In the state of Maryland, it is often used in matters of inheritance law. When an individual passes away in Maryland, their assets must go through the inheritance process in order to be transferred to the appropriate heirs. This process can include the courts, depending on how the estate is set up. In some cases, however, a non-judicial settlement agreement may be used instead. A non-judicial settlement agreement allows the heirs of the estate to come to an arrangement on their own. The agreement specifies the different shares of inheritance that each heir will receive. It also includes details such as how debts will be handled and how the division of assets will be finalized. The agreement is then signed by all parties involved. Once it is signed, it becomes a legally binding contract that cannot be changed. This allows the parties to avoid going to court and saves time and money. However, it is important to note that it is not an easy process. It is best to consult an attorney in order to make sure all arrangements are in compliance with the law.
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