Q: Value of an item in Probate
I took over payments on a car in my FIL name while he was ill to help my in-laws with the debt burden. At the time, the payoff was $4100.00. I made 5 payments to the bank of $300 before he passed away. We did have a written and verbal agreement. At the time of his death, he had life insurance on the loan and it paid off the car. Probate is estimating the car at a value of $5700 tax value. Our agreement was $4100 of which I have paid $1500. In my eyes, the balance owed to my mother in law (once probate it settled) is $2600. Will the courts expecting $5700? He had some credit card debt but his home/land are paid in full. All taxes are up to date. Also, will the courts expect whatever dollar amount is declared all at one time or will I be allowed to continue the $300 monthly payments as originally agreed upon? Thank you.
A:
This depends on what you have in writing. The 'verbal' agreement isn't enough, but if indeed you have an 'installment sales' agreement for $4100 and you can show you've paid 1500 on it so far, then you should be able to pay the difference and get the car. If that is NOT what is in writing, or there is some ambiguity about things, then all bets are off.
Of course, I'm assuming the car was in your father-in-law's name alone and the car is going through probate. If the facts are different, there will likely be a different result. You need to speak with the person handling the probate and perhaps consult with a local lawyer to insure the paperwork you have will do what you think it does.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
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