Q: If I owe money to the deceased do I need a copy of their will to show who I now owe money to?
My wife borrowed money from her great grandmother to start a business. The estate was divided between her mother, aunt and uncle. Her mother wants to pay off the aunt and uncle so that the balance is owed only to her. How do we document this from a book keeping stand point?
A:
Was there a probate case? You should first determine who is entitled to payment.
Was there a promissory note? If so, you would either draft an amendment to that promissory note or you would have a receipt from the aunt and uncle to show that they have been paid in full.
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