What is an Inheritance Agreement Review?
An inheritance agreement, or contract of inheritance, is a legal document signed by a testator and heir. It specifies the asset or property that the testator will leave to a specific heir or assets to multiple heirs. Sometimes these agreements come into effect when beneficiaries want to distribute assets in a way that’s different from what’s stated in the will, provided all parties agree. However, the contract has to meet some strict laws.
Similar to a will, these agreements are valuable because they can protect your wealth and safeguard your wishes after your death. If you’ve had an inherited agreement drafted, you should review it carefully to ensure everything it contains is in order.
Read the rest of this article to explore what an inheritance agreement usually contains and how to review it, as well as when you should consider getting a legal review of it from a professional lawyer.
What are Key Aspects of an Inheritance Agreement?
An inheritance agreement is usually drafted with the following in mind:
- Inheritance laws. The agreement needs to comply with all inheritance laws in the location in which the testator resides. For example, in some locations, the testator can’t neglect their legal heirs and prioritize just one.
- Free will. It’s crucial for the testator to draft this agreement without being forced to do so. They also must have the mental capacity to understand the document and what they are transferring to their heirs.
- Mandatory portion. This refers to the minimum estate share that a legal heir will receive by law, but it only applies in certain locations.
- Suspensive conditions. In some cases, a condition must be met before the heir’s rights are fully vested.
What are Differences Between an Inheritance Agreement and Will?
Although they can be similar in nature, an inheritance agreement and a will have some important differences.
- A will can be changed by the testator, but a contract of inheritance is binding. All involved parties need to agree to change it before it can be adjusted or deleted.
- A will can be written by hand or drafted by a lawyer, but a contract of inheritance usually requires notarization.
How Should You Review an Inheritance Agreement?
There are some important steps to take during the review of your inheritance agreement. These include the following:
- Sign it with two competent witnesses. To ensure that the inheritance agreement is valid, you should check that it’s been signed with two witnesses who are not beneficiaries.
- Check that it’s been notarized. This ensures the inheritance agreement has been property executed and is enforceable.
- Consider what duties or obligations are required. Sometimes, the heir will be required to perform a specific duty in order to receive the estate. It should be clear, specific, and realistic.
- Check revocation. Should you wish to revoke the inheritance agreement, you’ll want to check what’s required. Usually, mutual consent of all parties is required.
- Confirm all details. Scrutinize all the details in the inheritance agreement by checking the testator’s asset inventory. This will ensure that there’s no uncertainty about what assets are included in the agreement. Beneficiary details must also be correctly included.
- Consider what happens if the testator dies before the heir. In this case, there might be a way to transfer the inheritance to children or choose a different heir, but it should be included in the document.
How Can a Lawyer Review Your Inheritance Agreement?
Getting a legal review of your inheritance agreement can provide greater clarity and insight, helping you to consider other things that might not have come to mind when you read through the document. Here is what a lawyer will do to help you.
- They’ll consider if the agreement is legally binding. Since inheritance laws can be quite different in different locations, a lawyer will check that it’s legally valid and enforceable.
- They’ll clear up any vague or ambiguous language. For example, in terms of what the heir’s duties are that they need to be fulfilled. This will ensure that all provisions and duties are realistic and fair.
- They’ll provide clarity on estate liquidity to cover debts and other costs. This prevents situations in which an heir will have to sell the property to ease their financial burden.
- They’ll break down any legal jargon or complex language. This makes the inheritance agreement much easier to understand, especially in terms of your rights and obligations.
- They’ll assess the document across other important documents, such as your marriage contract. This is important because a marriage certificate could restrict what a spouse can legally receive.
Where Can You Hire a Lawyer to Review Your Inheritance Agreement?
When you need a lawyer to review your contract of inheritance, you might struggle to find one who’s available in your location. Without leaving your home, you can find a reputable and professional lawyer on online legal platforms.
ContractsCounsel is one of the largest online legal marketplaces that connects clients with thousands of vetted lawyers on the platform. It also provides lawyer research so you can find the best legal professional to review your contract.
Simply follow these steps to get your inheritance agreement reviewed by an experienced lawyer.
1. Post your project for free on the ContractsCounsel marketplace.
2. Include some details in your post about what you require so you’ll connect with the best lawyer for your legal requirements.
3. Wait for lawyer bids. You’ll receive multiple bids from lawyers on the platform who want to assist you.
4. You can review the lawyers' profiles based on data such as their location, years of experience, field of expertise, and client ratings for previous projects completed on the platform.
5. Choose the best lawyer for your purposes and hire them for the job.