What to do if I’m the executor of my mother’s estate and she had loaned money out to different individuals for investing but one of them is refusing to repay?
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What to do if I’m the executor of my mother’s estate and she had loaned money out to different individuals for investing but one of them is refusing to repay?
We can settle the estate until this loan is repaid. All these loans have promissory notes signed and dated on demand. What can we do to take care of this?
Asked on January 24, 2015 under Estate Planning, Wisconsin
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
The debt this person owed your mother becomes a debt of her estate. As the executor, you could sue that person--technically, the estate sues, but you are directing the suit and bringing it for the estate. The suit would be for breach of contract, or violation of the terms of the promissory note. The one kicker is, you *have* to hire a lawyer to bring the suit, since a non-lawyer cannot represent another entity--even the estate over which he or she is executor--in court. So if the amount in question is not large enough to justify the cost of an attorney, you may wish to let it go.
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