Die Loan Agreement

By september 17, 2021Geen categorie

If there is no insurance or if there were other mortgages that were not covered by the insurance, the property may have to be sold. Executors have no choice in this matter. They are required to collect property (including all loans), repay all debts of the deceased, pay expenses and inheritance tax before dealing with the beneficiaries. Loans are assets of the estate. It is relatively rare for friends or relatives to draw up credit documents between them. From a legal point of view, however, it is advisable to create some form of documentation for all the credits you grant, no matter how informal they are. Documents like this serve as a record of your intentions and specify the agreed terms. This will avoid litigation in the future.