Release of Expectancy Law and Legal Definition
A release of an expectancy interest is an agreement whereby the prospective heir releases an interest in the ancestor's estate in consideration of advancement or for other valuable consideration. The release of an expectant heir to an ancestor, in consideration of an advancement or for other valuable consideration, excludes the heir from participation in the ancestor's estate at his death, provided, in case part or all the estate is realty, there is such a writing as to satisfy the statute of frauds, and provided further that the person executing the release was at the time competent to contract, and that the release was not obtained by means of fraud or undue influence. [Hoffman v. Gregory, 361 Ark. 73 (Ark. 2005)].