questions & answers
Question: My mother died and my brother owed her money. There are notorized copies of the loan agreement. Can I collect on behalf of her estate?
Answer: The loan agreement or Promissory Note is an asset of the estate of the deceased. The Probate Court (with or without a Last Will) eventually determines who is entitled to the proceeds of the Note (repaid funds). The court-appointed Personal Representative of the estate is charged with the duty to gather the assets of the estate, for the Court’s later distribution. (A.R.S Title 14, Chapters 1-3)
The foregoing assumes the estate is not small enough (in total value) to qualify for “Informal Probate” (A.R.S Title 14, Chapter 3, Article 3)
My mother died and my brother owed her money. There are notorized copies of the loan agreement. Can I collect on behalf of her estate?
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