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Money owed to estate

Discussion in 'Estate Administration & Probate Court' started by TeeJay, Jul 29, 2020.

  1. TeeJay

    TeeJay Law Topic Starter New Member

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    Back in 2013, I borrowed money from my dad for 65k to help pay off our home. I made payments for awhile but was no longer able too after some months. I wanted to be above board on thetransaction, so I filled out paperwork on it at the bank, and it was signed by all parties. However, my dad has since died, and the paperwork wasn't filed either with the courthouse, nor has a lien been put on our home. This was in 2013. My brother was named power of attorney, and executor of the estate. What are the legal options that could be taken?
    I also have some annuities and life insurance coming that I'd like to use to pay the bill, but does that make sense to do now that my parents are dead, and whatever money that goes to the estate will to some degree, bounce back to me as an heir?
     
  2. army judge

    army judge Super Moderator

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    I see no point in telling you what you already know.

    You revealed that you have another sibling, a brother.

    Therefore, you are BUT one of two (maybe more) potential heirs.

    I wish you well, mate.
     
  3. TeeJay

    TeeJay Law Topic Starter New Member

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    Umm, I'm sorry, but I'm totally baffled by your response. Could you please clarify? Just pretend I'm stupid lol
     
  4. adjusterjack

    adjusterjack Super Moderator

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    You owe the money to your Dad's estate. Technically, all of the debt should be paid to the estate and then the estate distributed to the heirs after all of the estate's debts and expenses have been paid.

    However, if you and your brother are the only heirs and all the debts and expenses have been taken care of, and the two of you get along, then you can make an informal agreement between the two of you that you pay him his half of the remaining debt and get a written agreement and receipt.
     
  5. TeeJay

    TeeJay Law Topic Starter New Member

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  6. TeeJay

    TeeJay Law Topic Starter New Member

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    Ok, gotcha Thanks :)
     
  7. Zigner

    Zigner Well-Known Member

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    If there is enough money left in the estate after other obligations are dealt with, the estate can simply deduct the appropriate amount from what you are to receive.
     
  8. zddoodah

    zddoodah Well-Known Member

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    So...you haven't made any payments since 2013 or 2014? If so, then the statute of limitations may have expired.

    What sort of paperwork? And why did you do this at a bank?

    When in the seven year period between 2013 and now did he die?

    Did the "paperwork" you signed give your father a right to file/record a lien to secure the loan?

    Impossible to know without a more clear and complete recitation of the relevant facts. It's obviously possible that your brother, acting as executor of the estate, could sue you on behalf of the estate.

    I'm sure the other person(s) who stand to inherit from the estate would prefer more money over less money.
     

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