Without an express agreement, must a gift of money be paid to an estate?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Without an express agreement, must a gift of money be paid to an estate?
My grandpa recently passed away. My aunt, the executor, sent me through the lawyer’s to pay $11,000 to the estate account. My grandpa had bought my house for me and I was paying $400 a month to pay back what he had paid on the house. Recently, since he passed, I have not paid. For one thing I have not had the money, plus I was not sure if I should. since we had no real agreement and nothing on paper; nothing in the Will says that I need to. Now they want me to sign a promissory note. hat should I do?
Asked on January 15, 2014 under Estate Planning, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
If you were repaying the money, it was not a gift: it was a loan. A loan owed to a deceased becomes a loan owed to the estate; the estate could sue you for the money you owed your grandfather. An oral loan agreement is enforceable as a general matter, but there are some exceptions or limitations. For $11,000, it would be worthwhile for you to consult with an attorney to discuss the matter in detail, to see if under the specific facts of your case, there would be some good defense to payment.
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.