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20 years ago I received a loan
from my parents and I offered a
hand written note that it can be
deducted from my inheritance. My
lone surviving mother just passed
leaving1/2 of estate to me with no
mention of previous loan. My
sister claims i owe her the amount
of the loan. What takes precedent.
The 6 year old will or the 20year
Asked on April 24, 2016 under Estate Planning, Pennsylvania
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 4 years ago | Contributor
The will takes precedence: the will controls how money and other assets will be distributed after death. Your parents could easily have put a term or condition into the will, that your share would be reduced by anything you still owed on the loan, and that amount would then go to your sister: however they did not. Since they didn't put a limitation or condition like that into the will, you receive your 1/2 of the estate.