I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?

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I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?

I was to make yearly payments to her over a period of 10 years. She died last year. We are getting ready to pay out profit distribution for last year, which I normally use to make my yearly payment back to her. I have the money in hand and because it was a personal loan between her and I, I would normally pay directly back to her. Because she has 4 children who inherited everything, I am getting ready to send a check to each one of them for the yearly payment.

Asked on December 19, 2012 under Business Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Yes, you do need to keep paying: the money she is owed now goes to her estate. However, rather than sending checks directly to the children, speak with the executor or administrator of the estate first, to see what you should do and whom you should pay, how much.


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