The main features of the succession agreement

Succession agreements (pactes successoris) are a legal tool through which we can arrange our succession — that is, set out our inheritance, in part or in full. A succession agreement may simply appoint an heir, or it may appoint an heir and also dispose of all or only some of our assets.

A succession agreement is essentially bilateral: both the person making it and the beneficiary or beneficiaries must take part, and their participation is also required to revoke or amend it. Therefore, to change or revoke a succession agreement, which is treated as a contract, all the parties must agree.

Another special feature is that, although the agreement governs the succession and therefore takes effect on the death of the person making it, it may also include transfers during that person’s lifetime, which take effect as soon as the agreement is signed.

As we can see, it is a very useful tool offered by succession law, and it may be the right choice for certain estates.