While the personal representative or trustee and beneficiaries cannot rewrite a decedent’s will or trust, the beneficiaries may be able to mutually agree to modify what they receive from the estate or trust.
A nonjudicial settlement agreement is a contract that may be used whenever the beneficiaries agree that asset distribution should be different than what the will or trust stipulates. A nonjudicial settlement agreement can be a way to resolve a challenge to the will or trust.
However, before signing an agreement to change the provisions of a will or trust, the beneficiaries should consult with an attorney so they understand what is required to make the agreement legally binding, along with what the implications and potential consequences would be to the beneficiaries.
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