As an heir to the estate do I have the right to borrow against the estate even if my personal representative says he will not pay the lender?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
As an heir to the estate do I have the right to borrow against the estate even if my personal representative says he will not pay the lender?
I have taken out two small loans against my mothers estate. the probate attorney
and the personal representative sent a letter to the creditor saying they make no
representation of this debt. it is my understanding that as an heir, my personal
representative must carry out my wishes, and that I am well within my rights to
borrow against the estate. What are my legal rights?
Asked on December 4, 2016 under Estate Planning, Montana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
No, you are not allowed to borrow against the estate: until the estate is distributed to the heirs and you get your share (or the entire estate, if you are the only heir) it is NOT your property and you cannot borrow against it. The fact that you anticipate getting it, that you should get it (less any amounts paid to creditors of your mother or the estate, or for the expenses of administration, etc.) does not change the fact that at present, you have no legal rights over or to it, and so cannot borrow against property that is not yours.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.