Can I borrow $30,000 from my mother-in-law to build a pole barn?
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Can I borrow $30,000 from my mother-in-law to build a pole barn?
She is 96 and moved in with us because she has poor eye site. She remembers what she says for a short time. However, she is not fully aware of where she is (i.e. being in our home). We prepare all her meals and my wife is her medical advicate. We need to empty our house to be able to sell it. There is too much stuff to put it into storage units; the cost is prohibitive. We will give the money back after we sell the house, which is worth $40,000 to $60,000.
Asked on October 27, 2017 under Estate Planning, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
If your Mother in Law is not competant to contract - which I think is what you know the case to be - then you should think twice about borrowing the funds. If there are other siblings involved (your wife's) perhaps you could ask them to consent to a loan and then you need to prepare actual legal documents for repayment. But she is not competant to execute the paperwork. So someone needs to be appointed on her bhalf and approve that. Good luck.
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