Q: In Massachusetts, are legal set-offs allowed for settling loan from the estate prior to filing for voluntary probate?
A Massachusetts parent provides an unsecured loan to one son, the remaining principle of which is more than the voluntary probate estate value ceiling of $25K. The other son is executor. The parent's will specifies that the remaining loan should be subtracted from the debtor son's share of the, otherwise equal, inheritance. The other probate estate assets are below $25K (not counting a car). There is enough money in an equally-divided POD account for the son to pay the debt. There is also enough money in a POD-to-executor account to cover the debt (as well as final estate expenses). There are no estate debts. What is the best plan for settling the loan after death of the parent? Can the loan be settled before filing for voluntary probate? How is this done? -- Or must the loan be settled by informal probate? In either case, is legal set-off allowed in Massachusetts probate? What MPC forms are used for the set off?
A: Your question has many components and demonstrates the need of advice of counsel! Little information is given as to whether this was a promissory note or not , nor when the decedents died in relationship to each other. Masshealth may also have a lien.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
