David Carton | Source | Partner at Mandelbaum Salsburg

This Agreement shall inure to the benefit of both parties’ heirs and assigns forever and shall be binding upon said parties, their heirs and assigns forever. What this clause means is that if a party dies and they have a right or entitlement to something of value, their estate would then stand in their shoes and receive it in their place. Said another way, if the ill spouse received the house proceeds, put the money in the bank and died the next day and their will provided that his or her sister would receive the entirety of their estate, the sister would effectively receive all of the house proceeds.