Is a promissory note considered personal property in a case where a decendant pays off the balance of the note to the estate of a deceased person?

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Is a promissory note considered personal property in a case where a decendant pays off the balance of the note to the estate of a deceased person?

After my mothers passing my sister
paid off the balance of a
promissory note to her for a mobile
home park. Would that payout be
considered personal property such
as furniture in a home or…
Should it be considered as cash
deposited into the estates bank
account? Bottom line is this
Currently my sister considers it
personal property which according
to my Mothers will entitles my
sister to a larger percentage than
myself. Is this correct?

Asked on January 7, 2019 under Estate Planning, Missouri

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If it was paid off, it is money received by the estate, the same as any other money received by the estate (such as if a refund came back to your mother after her passing, or if she'd been working and her final paycheck was paid after her death). Money is money, not personal property: the amount your sister paid off should be distributed like all other money/cash in your mother's accounts or found at her home.


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