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inheritence advances

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T

trudy

Guest
a son borrows money from the father.
the son dies before repaying the loan.
the father dies.
should the borrowed money be deducted from the grandson's portion of the inheritenace?

state of Illinois
 


I

illinoisestateplan

Guest
Trudy,

No. After son dies, his debts are claims againt his estate -- they are not direct claims against his heirs. Dad (while alive) or dad's estate (after death) may have a claim against son's estate. If son's estate has no assets to pay the claim with then dad's estate is just out of luck. If you want to learn more about Illinois probate and estate planning law, visit my website at http://www.illinoisestateplan.com
 

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