Can I get out of signing my inheritance away for a loan?

I signed my inheritance away by mistake. For $5000 advance, the fine print actually said I was giving him my entire share of my inheritance. Being homeless and in direst i signed without fully understanding the consequences. Is there ANY way out of this. Possibly, providing proof that I was not mentally capable of making such a harsh decision?

17 Answers

Relevance
  • 3 weeks ago

    You CAN'T sign away your inheritance for a loan. In fact, you CAN'T sign away your inheritance until whoever you would inherit it from is dead. The reason is simple, Until they die, there is not guarantee there will be anything to inherit. As the document you claim is legally void on its face, there is no need to get out of it.

    If it were possible to enter into a legally binding contract of the nature you describe, your only options to get out of the contract would be to BUY your way out, or prove you were legally incompetent to enter into the contract.

  • L
    Lv 5
    3 weeks ago

    Only if you're UNDER 18-years of age.  If you're 18-years of age or older......l.bye, bye inheritance.

  • 3 weeks ago

    if you were under the age of 18 when you signed, that contract is null and void as minors can not be held in legally binding contracts

  • 4 weeks ago

    probably not. I suggest you consult an attorney.

  • What do you think of the answers? You can sign in to give your opinion on the answer.
  • 4 weeks ago

    Yes. Make sure your share of the inheritance goes to someone you can trust to quietly slip you money as you need it. If the will is changed to leave what you expect to get to someone else and you don't get the inheritance, there is absolutely nothing the person you entered into this contract with can do about it.

  • 4 weeks ago

    You could PAY THE LOAN

  • 4 weeks ago

    You would need to consult a lawyer.  

  • 4 weeks ago

    It was a loan for heaven's sake.  Pay it back!  Get a receipt.  Lender was collaterising his loan,  he should be perfectly happy to tear up the contract in return for his money.  If he does not, then you go to small claims court citing usury laws and the judge will instruct him to do exactly that when you show proof of payment (don't give him cash). You do not need the expense of a lawyer. 

  • 4 weeks ago

    Mental incapacity is proven by your medical record.  If you don't have one that shows years of ongoing psychiatric counseling, with reports that back up mental incapacity, then you can't say you were mentally incapacitated.  Well, you can say it but you are going to need to prove it to overturn a contract that you signed.  It might be worth a consultation with a lawyer.  Generally though, you are an adult, there was consideration - $5k, and you knew very well that you accepted the $5k in exchange for your inheritance, because it was written right in the contract.  Good luck.  Do see a lawyer.

    Source(s): Certified Paralegal, with 25+ years' experience.
  • 4 weeks ago

    Possibly but doing so would require you hire a lawyer which would cost you far more than $5k.

Still have questions? Get answers by asking now.