QUESTION
I am the PR for a person who died. Assets include a note for a substantial amount of money
Asked on Feb 09th, 2017 on Wills and Probate - Washington
More details to this question:
The loan made to a Canadian and was secured with property in Canada.. Terms of the note include accrued interest with no payment due – the note to be paid when the property is sold. This could be years in the future. There is no immediate need for the money by any of the beneficiaries. Can the note be re-negotiated? Does probate have to stay open until the note is paid? Can the note be transferred into the existing trust of the decedent? I am also trustee. The person who owes the money is not able to pay the entire amount now, nor any substantial portion of it.
1 ANSWER
Maryellen Sullivan
Yes to each of your questions. Just be sure to have any change to the note in writing, signed by you as the PR, and recorded. It also would protect you as PR to have an agreement with the beneficiairies about the change in the note.
Answered on Feb 10th, 2017 at 5:07 AM