Legal Question in Wills and Trusts in New Hampshire
loan upon death
My father purchased in cash a mobil home in his name. He purchased the home for my sister and brother-in-law. They made a private agreement that they would pay my dad back in payments. They wrote up some paperwork signed by everyone that this money would be paid back. It was never noterized by anyone. What is the best way to make sure the money is paid back upon my dads death? My dad is very trusting and thinks my brother-in-law will just continue to pay my mom the payments. Does a lawyer need to become involved in this situation?
1 Answer from Attorneys
Re: loan upon death
The key to answering your question is the examination of the "paperwork" that was signed by everyone. It may be a valid promissory note or it may be something else. A promissory note does not have to be notarized to be legal or enforceable. This type of situation is often handled through the use of a mortgage to secure the payment and some adjustments in your Father's will.
Your father and Mother should consult with an attorney so that family harmony is maintained and so that there will be no surprises when either of them should die.
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