Legal Question in Wills and Trusts in Oklahoma
Loan to Heir
My father loaned my sister $47k about 8 months before his death, when he was already declining and questionably competent. Two months before his death, my mother put all family assets in a revocable trust in both their names. She has now passed also. There is a written record of this loan in my Dad's hand. Is there any action that can be taken to reduce my sister's share of the trust by the amount of this loan?
Thank you.
2 Answers from Attorneys
Re: Loan to Heir
I agree with the prior attorney response. You will need to look at the terms of the trust. Also, you will need to see if the "loan" was assigned to the trust. Unless the attorney that drafted your parents trust provided and indication that the loan was owed to the trust, you may have to pursue action through the court for your sister's loan to be deemed an obligation to your father's estate and that it should be paid from your sister's share of her inheritance. You definitely will need to seek an attorney to sort this matter out. I would not try to sort this out on your own without the assistance of legal counsel unless your sister is totally agreeable to repaying this voluntarily from her share of the inheritance.
Re: Loan to Heir
It depends upon the terms of the trust. You will need to hire a probate attorney to determine whether the loan may be considered an advancement against her share of the inheritance.
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