INHERITANCE WAIVER AGREEMENT

INHERITANCE WAIVER AGREEMENT

The term "renunciation of inheritance" is regulated in inheritance law. According to this law, renunciation of inheritance means that an heir, before the death of the testator, voluntarily waives their right to inheritance, with or without any specific conditions. Therefore, by renouncing their inheritance, a person relinquishes their status as an heir. A renunciation of inheritance is an inheritance agreement signed in the presence of a notary public, an official, and two witnesses.

A waiver of inheritance agreement is subject to certain conditions in terms of its legal nature and drafting. Accordingly, the waiver of inheritance agreement must be drawn up in the form of a formal will, the parties must simultaneously declare their wishes to a public official, and the agreement must be signed by both parties in the presence of the official and two witnesses, and it must be bilateral.

The parties to a waiver of inheritance agreement are, as a rule, the testator and the testator's legal and judicial heirs. Since a waiver of inheritance agreement concerns rights strictly personal, the testator cannot do so through their legal representative.

There are certain conditions legally required from the parties in order to enter into an agreement waiving inheritance. These are as follows:

Firstly, the parties signing the contract must be of legal age, have the capacity to understand and be of sound mind, and not be under any legal restrictions. In short, the parties must have legal capacity. Individuals who have reached the age of majority through marriage can enter into a waiver of inheritance contract. If a minor has reached the age of 15, they can enter into a waiver of inheritance contract if they so request and with the consent of their guardian, provided they are deemed to have reached the age of majority. Those under legal restrictions who have the capacity to understand and are convicted can enter into a waiver of inheritance contract through their guardians, with the permission of the guardianship authority and the consent of the supervisory authority.

A contract to renounce an inheritance is structured in two ways. Renunciation can be arranged with or without consideration for the inheritance. In the first case, the testator gives the person renouncing the inheritance something in return for giving up their right to inherit. In this case, the descendants of the person renouncing the inheritance will not be able to claim any rights upon the death of the testator.

Secondly, the testator enters into a contract with the heir who renounces their inheritance without any consideration. The heir, in turn, renounces their inheritance without compensation in favor of certain heirs or all heirs of the testator. In this case, as a rule, the descendants of the person who renounced their inheritance are not affected.