Legal Question in Wills and Trusts in Ohio
We have a promissory note with an older gentleman that is not doing so well health wise. If he is to pass away what happens to the note? We are in the state of Ohio.
Asked on 7/17/10, 6:27 pm
2 Answers from Attorneys
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
The note would be part of his estate and the estate could collect the note.
Answered on 7/18/10, 9:05 am
Christine Socrates
Meyers, Roman, Friedberg & Lewis
If I am reading this correctly, you posess the note and the older gentleman is the debtor. If that is the case and he passes away, you would become a creditor of his estate and would have to collect from his estate. However, if he does not have a probate estate, either he has no assets, or all his assets passed outside of probate such as through a trust or beneficiary designations, then you may not be paid.
Answered on 7/18/10, 7:12 pm
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