QUESTION
Can a beneficiary receive an interest free advance on inheritance, to be deducted from the beneficiary funds at time of death of benefactor?
Asked on Mar 27th, 2020 on Estate Planning - California
More details to this question:
I received a "loan" from my aunt that we both thought of as an advance that would be deducted from my portion of inheritance. Her attorney insisted it be set up as a loan with simple interest. I signed it. My brothers and sisters feel the interest should be forgiven and the loan amount be deducted from my portion. The bank doesn't want to do it. How should we proceed? Thanks, Joe
1 ANSWER
2 Awards
The document you sign governs. Your feelings and those of your siblings do not. If your aunt had wanted the loan to be an advance from your inheritance both the loan document and her Will should have provided for this.
Answered on Mar 28th, 2020 at 5:09 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.