Can I spend the bitcoins myself while they are in limbo to my heir? (if not, its useless)
You can take money out of a pending transaction without having to sign an entire new transaction (using the alternate SIGHASH modes), but you need to share some new data with your heir if you ever want to add more funds to the transaction.
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Where is it documented and is there a client that can already do so?
It's in the code. There's no GUI for it yet.
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Are there safety issues?
You need to make sure you invalidate the transaction before it becomes locked.
nLockTime is enforced by the network, so there's no way to bypass it.