Know what to do on every step of your estate division
Thu Dec 28 2023To 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.
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.
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.
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.
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.
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.
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.
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.
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.