Legal Question in Wills and Trusts in Colorado

Hello,

I borrowed money from my Dad to buy our daughter a car. The loan was just a verbal loan of $5,000.00 and my father said to pay him when ever we could. We set up to pay him every month, unfortunately my Dad passed away in Sept. My brother is the executor of my Dad's will and he was aware of the loan. He thinks I should continue to pay it off. Even though my Dad knew we were in a situation that I had lost my job and my husband was the only one working. We have been strapped for money ever since. Am I legally bound to paying this loan off now that he has passed?


Asked on 4/25/11, 11:19 am

1 Answer from Attorneys
Bernard Greenberg KOKISH & GOLDMANIS, P.C.

Yes, this is probably a valid debt you owe to your father's estate. It can either be repaid or it can reduce your share of the estate if there is one.

The debt is valid since it was a contract and even though not in writing, it was acknowledged by you and your father and your conduct evidences the debt.

If you want more detailed advice, you should contact your own lawyer who specializes in estate cases.

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Answered on 4/25/11, 11:25 am


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