Legal Question in Wills and Trusts in Michigan
paying back estate
My dad helped with a down payment on our home, and lived with us on and off for 14 years.I reside in Il, and his home is in Mi.I signed a promissory note which he requested for tax purposes,which is what he told me. He told me no one would see the note. He lived with me during all of his chemo treatments, and was with me for the last 6 months of his life. He passed away here in my home. He had a trust set up for his estate in Mi.He listed me as 1/7th of an owner.We each got one share worth 1000 units. The trust was turned into an llc.The appraisal was around 325k for home only, not other assets.I just got a letter from the atty along with a copy of promissory note. The note reads,This money will be due with no interest,paid on demand,if any remaining balance it will be taken from my share of the estate. The atty gave me 3 options.1.pay it now. 2.sign new note with 3% interst due if house is sold. 3.Give up 999 of my 1000 shares.I wrote atty asking if I could sign a new note with no interest since no interest was my Dad's wishes,and how I didn't think giving up 999 shares would be equal to $15,000 per $325k home + all other assets.I got a call from bro/executor threatening to sue me. How can I pay from my share of estate? TIA
2 Answers from Attorneys
Re: paying back estate
You need counsel. First is there any proof that your dad really did not want you to have to pay the note. If not, you should somehow pay the note now with no interest and receive your share. It does not appear fair for you to give up your share for a 15,000 note. Can you take out a home equity line to pay the note.
Having counsel will be your advocate and perhaps you can compromise the note.
If you have any questions or wish representation we specialize in these issues. Please review our website and credentials.
www.thecenterforelderlaw.com
Don Rosenberg 248-641-7070
Re: paying back estate
Let me get this straight, you signed a note for $15,000.00 and now the estate wants to cancel your 1/7th share of a $325,000.00+ estate? Unfortunately, you will have a hard time proving your assertion that the note was not meant to be paid back. I don't believe that your $50,000.00 share should be set off by the $15,000.00 note. You need an attorney to protect your interest. For more information, please contact my office at (248)851-3171.
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