QUESTION
can an estate demand repayment of a loan stated in a will with no documentation of owing the money and the heir denies owing it in Iowa?
Asked on Aug 13th, 2020 on Wills and Probate - Iowa
More details to this question:
My husband's father passed away with a will saying my husband owed him $4,000. There was no promissory note or documentation of the loan other than what was written in the will...my son owes $4,000. My husband denies owing any money to his father. Can the estate demand repayment of this stated amount in Iowa and take it out of his portion of the inheritance?
1 ANSWER
2 Awards
The executor could try to enforce a promissory note or loan agreement if there were one. But look at the Will carefully. It may simply decrease your husband's inheritance by $4,000, which is his father's right. Also consider how other beneficiaries, who may believe that your husband borrowed $4,000, may react if he claims a larger inheritance. Is it worth it to damage and perhaps destroy those relationships?
Answered on Aug 14th, 2020 at 5:06 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.