will contract

By: Martin M. Shenkman, CPA, MBA, JD

A legal arrangement made between two parties in which they agree not to change their wills, or perhaps only certain provisions in their wills, without the consent of the other. Although rarely used, in some circumstances it an be a method to assure you that your understandings are carried out. For example, a couple may sign a will contract to assure that after the first of them dies the survivor will not change the bequests agreed to for children of various marriages. Non-married partners may sign an agreement that certain family members will be provided for after the last of them dies to assure that the surviving partner does not change his or her will after the first partner dies.

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