What to o if a person loans out money to a family member but now that the person is deceased?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
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 11 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.
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.