Results 1 to 10 of 12

Hybrid View

  1. #1
    Join Date
    Dec 2006
    Posts
    6

    Default Promissory note held by jointly by deceased and spouse

    During estate adminstration, how are promissory notes handled? Do they transfer in full to surviving spouse or may half be incorporated in estate trust that has been activated at the time of death? Example. Note is 50,000 held jointly. At time of death, can 25,000 be applied to estate reducing amount of Note amount due? Note is issued in Colorado but estate is being adminstrated in Maine.

  2. #2
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Promissory note held by jointly by deceased and spouse

    Quote Quoting giszard
    View Post
    During estate adminstration, how are promissory notes handled? Do they transfer in full to surviving spouse or may half be incorporated in estate trust that has been activated at the time of death? Example. Note is 50,000 held jointly. At time of death, can 25,000 be applied to estate reducing amount of Note amount due? Note is issued in Colorado but estate is being adminstrated in Maine.
    It's not clear what you are asking.

    Let me give you a couple of examples.

    If husband and wife borrow $50K and the husband dies, the lender can look to the estate or the wife or both to pay.

    If husband and wife lend $50K and the husband dies, the note may become an asset of the estate to some degree or another.

    If you could rephrase your question and tell us what is going on, maybe we could answer better.

  3. #3
    Join Date
    Dec 2006
    Posts
    6

    Default Re: Promissory note held by jointly by deceased and spouse

    Here is the scenerio. My mom just died and I have a promissory note with both my mother and father. Does the whole note have to pass to my father for me to pay off? Or may her part be added to her estate reducing the amount I need to pay to honor the terms of the note.

  4. #4
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Promissory note held by jointly by deceased and spouse

    Quote Quoting giszard
    View Post
    Here is the scenerio. My mom just died and I have a promissory note with both my mother and father. Does the whole note have to pass to my father for me to pay off? Or may her part be added to her estate reducing the amount I need to pay to honor the terms of the note.
    Okay, if you are saying that you signed a promissory note to mom and dad for (as an example) $10,00 and ma dies, do you still have to pay your debt?

    Yes.


    ...Or may her part be added to her estate reducing the amount I need to pay to honor the terms of the note....

    What does that question mean? Rephrase it.

  5. #5
    Join Date
    Dec 2006
    Posts
    6

    Default Re: Promissory note held by jointly by deceased and spouse

    Do I have to pay the whole debt or can 50% of the debt assigned in the note be discharged to be incorporated in her estate to be adminstrated shortly?

  6. #6
    Join Date
    Jul 2006
    Posts
    5,437

    Default Re: Promissory note held by jointly by deceased and spouse

    Quote Quoting giszard
    View Post
    Do I have to pay the whole debt or can 50% of the debt assigned in the note be discharged to be incorporated in her estate to be adminstrated shortly?
    Ask your question without using legal terms.

    The answer is generally that another person's death does not affect your debt.

    So, yeah, you still owe the dough.

    1. Sponsored Links
       

Similar Threads

  1. Chapter 13: Deed Jointly Held Property in Chapter 13
    By Maydaycolorado in forum Bankruptcy Law
    Replies: 3
    Last Post: 04-26-2011, 03:55 PM
  2. Jointly Held Property in an Estate
    By Major_Blunder in forum Estate Planning, Administration and Probate
    Replies: 1
    Last Post: 04-15-2009, 10:23 PM
  3. Debt Collectors: Promissory Note Gone Bad
    By firm in forum Debts and Collections
    Replies: 4
    Last Post: 03-04-2008, 09:52 AM
  4. Debt Collectors: No Promissory Note
    By Weiner in forum Debts and Collections
    Replies: 4
    Last Post: 02-24-2008, 08:24 PM
  5. Loan Agreements: Entering Into a Promissory Note for an Existing Loan
    By Elmer in forum Debts and Collections
    Replies: 4
    Last Post: 03-02-2006, 11:42 AM
 
 
Sponsored Links

Legal Help, Information and Resources