Q: I am a personal representative for my mother's estate and have a question on dividing it up.
I have three other siblings whom three of us had borrowed money in the past. I borrowed $6,000 in 1983 and paid it back nine months later. I have a sister that borrowed $5,000 in 1975 and never paid it back. This is noted in the will.
Can I charge her interest on the amount or at least inflation which amounts to about $23,000 in 2019 dollars. One of the siblings could really use the difference in money that would make. The will states I divide everything equally besides the money that one sibling owes.
This question really cannot be answered without reviewing the precise language in the will and the promissory note evidencing the $5,000 loan. The question about whether the loan bears interest is actually a little more complicated than you think. It gets even more complicated if there is no note to evidence the loan. You should take this issue to a local probate attorney for a personal consultation including review of the relevant documentation.
That said, if you all can AGREE on a resolution, then that will solve the problem, but you should have an attorney document the agreement in order to protect yourself from a sibling suing you later saying you divided the estate incorrectly.
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