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KathleenM's avatar

I am the PR of a person who died. Assets include a note owed for a substantial amount of money.

Asked by KathleenM (16points) February 9th, 2017

The loan was secured with property in a neighboring country. Terms of the note include accrued interest with no payment due – the note to be paid when the property is sold. This could be years in the future. There is no immediate for the money by any of the beneficiaries. Can the note be re-negotiated? Does probate have to stay open until the note is paid? Can the note be transferred into the existing trust of the decedent? I am also trustee. The person who owes the money is not able to pay the entire amount now, nor any substantial portion of it.

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2 Answers

Espiritus_Corvus's avatar

Welcome to Fluther, Kathleen. I think this is a question for a probate lawyer.

zenvelo's avatar

Time to talk to a lawyer.

First thing to do is to validate the note, and then make sure there is a lien on the property. And then see if the note can be left open, or if it is possible for the property owner to mortgage the property to pay the note.

Not all assets have to be liquidated to close probate, they just need to be valued and accounted for.

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