Legal Question in Wills and Trusts in New York
promissorry note
i borrowed money from my mother. we had a promissory note written up. she recently passed away. am i still responsible to pay back the entire balance?
2 Answers from Attorneys
Re: promissorry note
Yes, you are responsible for paying back the entire balance of the loan. It is possible for the estate to forgive the debt that you owe, but that would be income to you. If you are a beneficiary, it may be better to repay the loan and get it back as your inheritance (which is probably tax free).
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Re: promissorry note
If there are other heirs, yes.
This post is not legal advice and does not create an attorney-client
relationship. It is a comment on the legal question posed by the
poster and should not be relied upon in any way. All readers are
advised to consult an attorney to address their specific legal
concerns. Additional facts could affect the answer given.
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