What to o if a person loans out money to a family member but now that the person is deceased?

Is the next of kin (the son of deceased) permited by law to collect the loans?

Asked on November 18, 2012 under Bankruptcy Law, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The estate of the deceased person has the right to collect the loan; if collect, the money goes into the estate, to be used first to pay off the deceased's expenses and debts, and then to be distributed to his or her heirs according to either the person's will or by the rules of intestate succession (the rules that say who inherits when there is no will). The extate's executor (if there is a wil) or administrator (no will) would institute the suit on behalf of the estate.


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