How EasyAllot Works

Know what to do on every step of your estate division

Thu Dec 28 2023

Creating an Estate

To begin, authenticated users can create an Estate in the app. Each estate is uniquely named by the user. Depending on your license, you can manage multiple estates simultaneously. This flexibility allows users to handle various scenarios, such as separate estates for different family members or properties.

Leaving an Estate

Before exiting an estate, it's important to consider any pending tasks or desired items. The app ensures that an estate is never left participant-less, maintaining continuous management and oversight of the estate's affairs.

Inviting Participants to the Estate

Users can invite others to join the estate. In divorce cases, typically there are two participants (each spouse). For inheritance divisions, there may be several. Invites are sent via email by the estate admin, providing each invitee with a unique link to access the estate.

Managing the Estate Inventory

All participants can add Items to the estate inventory. Items are initially marked as "open" and each has a dedicated chat thread for discussions, where comments by participants are time-stamped for clarity and record-keeping.

Appraisals

Participants can propose valuations for each item. Once everyone agrees on an item's value, its appraisal is locked in. The estate admin has the ability to unlock an appraisal, which is then communicated to all participants. The total appraisals contribute to the overall value of the estate.

Bidding On Contested Items

Participants can bid on any item in the inventory. Expressing a "want" indicates a desire to keep the item. In cases of multiple interested parties, a bidding system is employed. The highest bidder acquires the item, while the other bidders receive credit based on the bid amount divided by the number of bidders.

Withdrawing from Bidding

At any point, a participant can withdraw interest in an item. This reduces the number of bidders. If only one bidder remains, the item's price reverts to its market value (if appraised). Without any bidders, the item moves to the “dispose” category.

Locking Items

Once all participants are satisfied with the arrangement for an item, it can be locked, meaning it is no longer available for bidding and its allotment becomes fixed. Only the estate admin has the authority to unlock a locked item.

Final Allotment

When all items are locked, the assets are divided into several buckets: one for each participant, and others for items to be given away or sold. The proceeds from sold items are divided to ensure equitable distribution, with each participant’s bucket value being equalized in the end.

This structured approach in the app aims to facilitate a fair and orderly process for asset division, whether it's for a divorce settlement or inheritance management.