My only sibling (sister), both parents and I all live in Maryland.
According to my parents' will, after their death, each sibling will inherit half of the total net assets.
My concern is that my irresponsible sister will have my parents pay for large amounts of her expenses during their life (such as mortgage, college tuition, etc, etc). If my parents decide to do that, I don't want it to reduce my inheritance. I want it to come out of my sisters' share.
I would like a contract (or a change to their will) such that:
- Any large payments made by my parents to or for my sister during their lives (except customary gifts less than $250) should be deducted from my sisters' 50% "share" of the inheritance at the time of my last surviving parents death. Thus guaranteeing my "share" of the inheritance remain the same
My parents cannot make changes to the above arrangement without my signature
Any time my parents make large payments to or for my sister during their lives, they have to notify me promptly
I should be able to inspect their financial accounts in the extraordinary situation that I suspect they are secretly paying my sister during their lives.
I have three questions about this:
- Would such an arrangement be legal?
- Would such an arrangement be enforceable?
- Would an ethical lawyer draft such an agreement?