I loaned money to a family friend. He emailed me to inform me that he will be selling land "property" to pay off his debt obligation to me - after he sent the email a short time later he died before the sale was completed. His mother said the land was gifted to him and his wife from her, and to speak to the wife. The wife does not respond after repeated requests to communicate, and they live in a common law state. Does this email that states his intention to sell the land to pay his debt to me provide a valid claim to the proceeds of the property sale? can I demand payment from the sale, if yes how, or should I state that as an asset with documented intent to pay me and sent it to the executor of his will, estate, probate?
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Answers & Comments
You file a claim against the estate for the debt. If the executor accepts the debt as valid, you will be paid from the proceeds of the estate (if any). That would include sale of the land in question, if necessary.
In a common law state, the wife already owns half the marital assets, with only the remainder becoming part of his estate.
If the executor does not accept your claim, you will have to go to court to win a judgment.
in almost every state, you need to assert your claim [the debt] to the Executor of the estate. it is then his obligation to see that it is paid from somewhere -- the where does not matter.
also in most states, Executors are specifically instructed that valid debts must be paid before any bequests of anything are executed -- thus, you should get your money before the wife and mother take title to the property. if there isn't enough other in other assets to satisfy your claim, then the Executor would have to sell the property to raise the funds, whether or no the wife and mother are willing.
if the wife or mother is the executor, they still have to comply with the law and pay you.
Gifted or not, the property was the debtor's to do what he wanted with it. You have an affirmation of the debt owed to you. If the wife doesn't pay up. Sue the deceased's estate for what you are owed. In a community property state, both spouses are equally responsible for the debt of the other spouse.
Did you have a written agreement for the loan with the method and time frame for repayment? If you did the loan should be repaid by his estate. If not then you can try and get a lawyer, but it will be much harder and if the property was in both names he could not have sold the property without his wife's permission no matter what he told you.
You need to sue the estate of the guy. Every communication you had with him can be used as evidence.