Binding arbitration is a common type of alternative dispute resolution that both individuals and businesses use instead of litigation. Binding arbitration is known to be cheaper as well as quicker compared to filing a lawsuit. The dispute is resolved outside the courtroom and the decision of the arbitration is considered binding upon the parties involved in a dispute.
The awards of damages must be honored and neither of the disputing parties can challenge the decision in court. Binding arbitration is also being used to solve inheritance disputes nowadays. To solve disputes concerning inheritance with binding arbitration, you must put forward your demand for arbitration. The argument takes place at the time of the hearing. The final decision will be taken by the arbitrator. Now, get to know how you can solve inheritance disputes with arbitration.
Go Through the Will
When it’s an inheritance dispute, you must go through the will in the first place. If there is an arbitration provision in the will, the specific procedures to be followed might be mentioned. The provision of arbitration may also give a detailed description of the specific disputes that must be resolved via the process of arbitration. With that being said, the arbitration provisions mentioned in the wills have suspicious or uncertain legal authority in a few states.
If you want to follow the provision, you need to know that the other party involved in the dispute might have an objection to pursuing arbitration. The clauses of binding arbitration are mentioned in contracts that have to have the consent of both parties. The disputing parties will have to abide by the terms mentioned in the document. However, only a deceased individual can sign the will. No beneficiary or any other individual affected by the will can sign it.
Submit an Arbitration Demand
You can initiate the process of arbitration by submitting your arbitration demand to an arbitration provider of your choice. The arbitration demand has to outline the said dispute along with the argument you have against the other party involved in the dispute. A copy of the will has to be attached with the demand, especially if the arbitration provision is mentioned in the will. In case you have approached a large arbitration agency, you need to fill out a particular form supplied by the agency to make an arbitration demand.
You will need to provide the details about yourself and the other disputing party along with a summary of the dispute and the allegations you have against the other party. Then you will have to explain what you expect from the arbitration and how you want the dispute to be resolved. Accompanying all these details should be an initial filing fee. If you have chosen an independent arbitrator, the fees will be comparatively less.
Response from the Other Party
After you have filed your arbitration demand, the other party in a dispute has to receive a copy of that and deliver a written response within a given period. A few large arbitration agencies will forward a copy of the document to the other disputing party on your behalf.
In the case of others, you will need to do this by yourself. You will have to follow the standard legal service procedures. When the other party signs an agreement, they agree to the process of arbitration and be bound by the arbitrator’s decision. In their answer, they will incorporate any defense or argument against your set of allegations. They may also include any counterclaim against you.
Receive the Decision from the Arbitrator
Once the arbitrator hears the evidence, argument, and testimony of both the disputing parties, they will review everything in detail and decide who should the decision be awarded.
Before making the final decision, the arbitrator will review any additional information and documents from either one or both the disputing parties. One can expect to receive the decision from the arbitrator within some days or some weeks after you attend the hearing. After the arbitrator awards his decision, it will be final and binding on both parties.
The issue will be resolved and irrespective of whichever side prevails in the end, the other should move on. When an inheritance dispute is firmly resolved, you get an opportunity to mend your relationship with the other party.