Valid Settlement Agreement

There are all sorts of forms executors, beneficiaries, and probate court clerks have to fill out and correspond with during probate and estate settlement, including affidavits, letters, petitions, summons, orders, and notices.

Valid Settlement Agreement is a commonly used form within Kansas. Here’s an overview of what the form is and means, including a breakdown of the situations when (or why) you may need to use it:

K.S.A. 59-102(8) defines "Valid Settlement Agreement" as "a written and acknowledged instrument which effects the administration or distribution of the estate and which is entered into by all heirs, devisees and legatees, and all other interested or affected persons, all of whom must be competent or authorized to enter into such agreement." This example of a "Valid Settlement Agreement" is not intended to provide a format to be strictly followed in the drafting of such contracts. It is recognized by the Committee that the circumstances making preparation of such documents advisable varies so widely that this form may not be suitable for all circumstances.

Atticus Fast Facts About Valid Settlement Agreement

Sometimes it’s tough to find a quick summary— here’s the important details you should know about Valid Settlement Agreement:

• This form pertains to the State of Kansas

• The relevant probate statute or Kansas laws related to this form include: K.S.A. 59-102(8), K.S.A. 59-6a213(b), S. Ct. Rule 111

Government forms are not typically updated often, though when they are, it often happens rather quietly. While Atticus works hard to keep this information about Kansas’s Form 554 - Valid Settlement Agreement up to date, certain details can change from time-to-time with little or no communication.

Step 1 - Download the correct Kansas form based on the name and ID if applicable

Double check that you have both the correct form name and the correct form ID. Some Kansas probate forms can look remarkably similar, so it’s best to double, even triple-check that you’re using the right one! Keep in mind that not all States have a standardized Form ID system for their probate forms.

Step 2 - Complete the Document

Fill out all relevant fields in Form 554, take a break, and then review. Probate and estate settlement processes in KS are long enough to begin with, and making a silly error can push your timeline even farther back. No thank you!

Note: If you don’t currently know all of the answers and are accessing Form 554 online, be sure to avoid closing the browser tab and potentially losing all your progress (or use a platform like Atticus to help avoid making mistakes).

Step 3 - Have Form 554 witnessed or notarized (if required)

Some States and situations require particular forms to be notarized. If you have been instructed to get the document notarized or see it in writing on the document, then make sure to hire a local notary. There are max notary fees in the United States that are defined and set by local law. Take a look at our full guide to notary fees to make sure you aren’t overpaying or getting ripped off.

Step 4 - Submit Valid Settlement Agreement to the relevant office

This is most often the local probate court where the decedent (person who passed away) is domiciled (permanently resides) or the institution involved with this particular form (e.g. a bank). Some offices allow you to submit forms online, other’s don’t, and we while we generally recommend going in-person to expedite the process, sometimes that simply isn’t an option.

It’s also a generally good idea to establish a positive working relationship with any probate clerk (unfortunately there’s enough people & process out there making things more difficult and unnecessarily confusing for them), so a best practice is to simply ask the probate clerk proactively exactly how and where they’d prefer you to submit all forms.

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Different probate forms or processes can require different deadlines or response times for completing the appropriate form.

While some steps in the process are bound to specific deadlines (like petitioning for probate, having to submit an inventory of assets, or filing applicable notices to creditors and beneficiaries), many probate forms or processes are not tied to a specific deadline since the scope of work can vary based on situational factors or requirements involved.

Either way, there are a bunch of practical reasons why personal representatives should work to complete each step as thoroughly and quickly as possible when completing probate in Kansas.

5 reasons you should submit 554 as quickly as possible:

1. The sooner you begin, the faster Kansas can allow heirs and beneficiaries to get their share of assets subject to probate. Acting promptly can also decrease the costs & overall mental fatigue through an otherwise burdensome process.
   
   Helpful Context: What’s the Difference Between Probate and Non-Probate Assets?

2. In general, creditors of an estate usually have around 3-6 months from the time you file notice to creditors to file any claims for debt against the deceased’s assets. If they don’t, then that debt is forfeited (and more importantly, the executor won’t be held personally responsible). So doing this sooner means you have a better idea of who is owed what and ensures you won’t get a surprise collector months later.

3. Not filing a will within 30 days (on average) could mean that the probate process proceeds according to intestate laws (laws that govern what happens to someone's stuff without a will) or is subject to unnecessary supervision by the probate court. And if you aren't directly related to the deceased (a.k.a. next of kin), this could also mean you lose your inheritance.

4. It’s important to file any necessary state tax returns on behalf of the deceased or estate by the following tax season in Kansas. If you don’t, you could owe penalties and interest. This also includes any necessary federal tax returns such as Forms 1040, 1041, or even a Form 706 estate tax return.

5. If a house in the State of Kansas is left empty (or abandoned) for a while, insurance can get dicey. For example, if the house burns down and no one has been there for a year, an insurance company may get out of paying your claim.

If you’re not using Atticus to get specific forms, deadlines, and timelines for Kansas probate, then try and stay as organized as possible, pay close attention to the dates mentioned in any correspondence you have with the State’s government officials, call the local Kansas probate clerk or court for exact answers regarding Form 554, and when in doubt— consult a qualified trust & estates lawyer for that area.

Valid Settlement Agreement is one of the many probate court forms available for download through Atticus.

It may also be available through some Kansas probate court sites, such as . In order to access the latest version, be updated with any revisions, and get full instructions on how to complete each form, check out the Atticus Probate & Estate Settlement software or consider hiring a qualified legal expert locally within Kansas.

While Atticus automatically provides the latest forms, be sure to choose the correct version of Form 554 - Valid Settlement Agreement f using any other site or resource in order to avoid having to re-complete the form process and/or make another trip to the Kansas probate court office.

Valid Settlement Agreement is a .pdf, so opening it should be as simple as clicking “View Form” from within the Atticus app or by clicking the appropriate link found on any Kansas-provided government platform. Once you’ve opened the form, you should be able to directly edit the form before saving or printing.

Here’s the text, verbatim, that is found on Kansas Form 554 - Valid Settlement Agreement. You can use this to get an idea of the context of the form and what type of information is needed.

500-\\u001800 Kansas Probate Forms 3d 554 (CAPTION) VALID SETTLEMENT AGREEMENT THIS AGREEMENT is made July \\u00185, 2009, between: Mary Doe, a single person; Theodore R. Doe and Terri C. Doe, his wife; Robert E. Doe, a single person; Thomas E. Doe, a married person; David J. Doe, a single person; Paul J. Doe, a single person; Doyle B. Banker, President of Hometown State Bank, Testamentary Trustee for Henry H. Doe, a minor; Walt Brown, Conservator of the Estate of Mary Ann Jones, a minor; Vicki J. Doe, Conservator of the Estate of Henry H. Doe, a minor; and Stuart S. Goodman, Chairman of Board of Trustees, The People's Church of Hometown, Kansas; who are all of the heirs, devisees and legatees of John Doe, deceased, and all other interested or affected persons all of whom are competent or authorized to enter into this Valid Settlement Agreement. Proceedings involving the estate of John Doe, deceased, who died testate on July 3, 2009, were commenced in the District Court of Apache County, Kansas, on July \\u00180, 2009, by the filing of a Petition for Probate of the Last Will and Testament [and Determination of a Valid Consent of Spouse] of John Doe, deceased, by Mary Doe and administration of the estate of the decedent is pending as Case No. 5,000. Thomas E. Doe, son of John Doe, was disinherited by the terms of the Last Will and Testament of John Doe, deceased. All parties to this agreement desire to agree to a division of the assets of the estate of John Doe that will include Thomas E. Doe. THEREFORE in consideration of the mutual covenants and agreements set forth in this document, it is agreed by and between the parties as follows: \\u0018. Will of John Doe. A copy of the Last Will and Testament of John Doe, 2021 500-\\u00180\\u0018 Kansas Probate Forms 3d dated April \\u00185, 2009, is attached and made a part of this agreement. The parties acknowledge they have received and examined a copy of the will and have been informed how the decedent's property was given, devised and bequeathed. 2. Full Disclosure. The parties acknowledge they have been informed or furnished a copy of all documents, records or evidence of assets or ownership regarding the property or obligations of John Doe and acknowledge they have been fully and completely informed as to all assets and liabilities. 3. Distribution. Each party hereto consents and agrees that after the payment of all costs and expenses all of the remaining assets of John Doe be divided as follows: (a) Pecuniary bequest in the form of a testamentary trust of $10,000 to the Hometown State Bank, Hometown, Kansas, Trustee for the benefit of Henry H. Doe, a minor grandson of the testator. (b) Specific bequest of a stamp collection, having an approximate value of $1,000, to Mary Ann Jones, a minor granddaughter of the testator. (c) Pecuniary bequest of $10,000 to Theodore E. Doe. (d) Pecuniary bequest of $10,000 to Robert E. Doe. (e) Pecuniary bequest of $10,000 to Mary Ann Jones. (f) Pecuniary bequest of $10,000 to David J. Doe. (g) Pecuniary bequest of $10,000 to Paul J. Doe. (h) The following described real estate to Robert E. Doe subject to a ten-year mineral interest described in subsection (l): The Northeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas. (i) The following described real estate to Theodore R. Doe, subject to a ten- year mineral interest described in subsection (l): The Northwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas. (j) The following described real estate to Mary Ann Jones, subject to a ten- year mineral interest described in subsection (l): The Southeast quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas. 2021 500-\\u001802 Kansas Probate Forms 3d (k) The following described real estate to David J. Doe and Paul J. Doe, subject to a ten-year mineral interest described in subsection (l): The Southwest quarter of Section 10, Township 20 South, Range 30 West of the 6th P.M., containing \\u001860 acres more or less, Apache County, Kansas. (l) Mineral interest in the following described real estate, for a ten-year period beginning July 3, 2000 and as long thereafter as extended by production: Section 10, Township 20 South, Range 30 West of the 6th P.M., containing 640 acres more or less, Apache County, Kansas, assigned as follows: Name Interest Thomas E. Doe Undivided one-fifth interest Robert E. Doe Undivided one-fifth interest Theodore R. Doe Undivided one-fifth interest Mary Ann Jones Undivided one-fifth interest David J. Doe Undivided one-tenth interest Paul J. Doe Undivided one-tenth interest (m) Specific bequest of $5,000 to The People's Church. (n) Residue of the Estate to Mary Doe, including the following described real estate situated in Apache County, Kansas: Section 15, Township 20 South, Range 30 West of the 6th P.M., containing 640 acres more or less, Apache County, Kansas. 4. Release. Each of the parties hereunto releases each other party from any and all claim of every nature whatsoever arising out of or which could be made in and to the assets of the estate of John Doe, deceased, and acknowledges that each has received their proportionate share of any personal items which might have been owned by John Doe, at the time of death. Each party hereto further and specifically releases Mary Doe from any and all liability arising out of actions on behalf of all of the heirs, devisees and legatees of John Doe in the settlement of the affairs of the estate. 5. Counterparts. This agreement may be executed in counterparts but shall constitute and be one agreement notwithstanding the fact that it may be separately executed. 2021 500-\\u001803 Kansas Probate Forms 3d 6. Binding Effect. This agreement shall extend to and be binding upon the heirs, executors, administrators and assigns of the parties hereto. Executed by each of the parties and their spouses on the respective dates set forth below in the acknowledgments to this agreement. MARY DOE THEODORE R. DOE TERRI C. DOE ROBERT E. DOE THOMAS E. DOE DAVID J. DOE PAUL J. DOE DOYLE B. BANKER President Hometown State Bank, Testamentary Trustee for HENRY H. DOE, a minor WALT BROWN Conservator of the Estate of MARY ANN JONES, a minor VICKI J. DOE Conservator of the Estate of HENRY H. DOE, a minor STUART S. GOODMAN Chairman of Board of Trustees, The People's Church, Hometown, Kansas 2021 500-\\u001804 Kansas Probate Forms 3d (ACKNOWLEDGMENTS) Reference K.S.A. 59-102(8); 59-6a213(b); S. Ct. Rule 111. Time Any time after death but prior to filing the Petition for Final Settlement in a probate proceeding. Comment K.S.A. 59-102(8) defines Valid Settlement Agreement as a written and acknowledged instrument which effects the administration or distribution of the estate and which is entered into by all heirs, devisees and legatees, and all other interested or affected persons, all of whom must be competent or authorized to enter into such agreement. This example of a Valid Settlement Agreement is not intended to provide a format to be strictly followed in the drafting of such contracts. It is recognized by the Committee that the circumstances making preparation of such documents advisable varies so widely that this form may not be suitable for all circumstances. In this example, the Committee started with the premise that the circumstances are the same as listed in subsections (a) through (f) of Form 501. The exception is that Thomas E. Doe, the son to whom nothing was left by the will, is included in the valid settlement agreement as having an interest in mineral rights to a specifically described section of land. The signature of the spouse of Theodore R. Doe is included in this document because the valid settlement agreement might be considered a transfer of real property by Theodore. If it is such a transfer, the spouse might be entitled to an inchoate interest under K.S.A. 59-505 or an elective share under K.S.A. 59-6a20\\u0018 et seq. The signature of Vicki J. Doe as the spouse of Thomas E. Doe is not required because Thomas took no interest in realty under the will. In the event a valid settlement agreement is entered into prior to commencement of a supervised or unsupervised administration, it may be possible to eliminate formal administration and have the court construe the valid settlement agreement in an informal administration proceeding or a determination of descent proceeding. A separate proceeding to obtain court approval is not required and the settlement agreement will normally be approved and distribution thereunder ordered as a part of the final settlement order. In certain situations where the interests of a minor or disabled person are altered or reduced, or the parties believe court approval is desirable, a petition may be filed, notice given and the agreement considered prior to the time of final settlement proceedings. 2021