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Which type of contract liquidates an estate?
My siblings and I are trying to figure out how we can divide up our dad’s estate, which he left to all of us. We all live in different areas and have kids of our own now, so we figured the easiest thing to do is liquidate everything and split the money evenly. Which type of contract would liquidate an estate?
Patrick Price · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The type of contract that liquidates an estate is called an annuity. You can draw up an annuity in a number of ways—it can be set up as an investment account that pays out dividends to you and your siblings, or you can each just get a lump-sum payment. Either way, you’ll need to hire a lawyer to draw up the paperwork. It’s a fairly straightforward process, any decent property lawyer should be able to handle it for you.
Condolences about your father; I hope you and your siblings can figure out a good way to divide everything.
Since you’ll be reviewing finances, it may also be a good time to use
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