An extrajudicial settlement is the settling of an estate via the drafting of a contract, which indicates how a deceased owner’s properties will be divided among the heirs as they see fit. The properties left by the deceased listed in the contract is collectively recognized as the “estate.”
The settlement is considered “extrajudicial,” or “out of court,” as the heirs do not go to trial to divide the properties left by the deceased property owner.
Source: http://www.lamudi.com.ph
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