Topaz Posted June 21, 2011 Report Posted June 21, 2011 I learnt something today about Wills that I didn't realize before and wonder how many of you knew this. If you make your will out and between the time you do and when you die, if any of your kids borrow money from you and if you don't put it in your Will that one of your kids did borrow money, they don't have to pay it back to the estate because its concerned a gift from you. How I found out about this was my neighbour and I were talking and she said she found out last year when mother had setup for her two kids of the four. The first two were given a small buiness and the other were to have the money into an account, where the two owning the buiness woould each donated money into each year. That part was ok, but the one of the owners of the business borrowed money from the mother, which came out of the account for the other two kids. The mother dies, didn't record the loan in the Will and the two kids are out of the money borrowed. Morally, I'm sure that person knows owe the money but legally they don't have to pay it back. BTW, the executor was the other owner of the small business and they could take them to court but they don't have the money to fight it. Thoughts? Quote
M.Dancer Posted June 21, 2011 Report Posted June 21, 2011 If you make your will out and between the time you do and when you die,... If? Quote RIGHT of SOME, LEFT of OTHERS If it is a choice between them and us, I choose us
bush_cheney2004 Posted June 21, 2011 Report Posted June 21, 2011 ...and don't loan any money to your spoiled rotten kids. End of problem. Quote Economics trumps Virtue.
Topaz Posted June 21, 2011 Author Report Posted June 21, 2011 ...and don't loan any money to your spoiled rotten kids. End of problem. Is that all you got?? It's not my kid, but there are people out there in the down turn that probably did and the parents are unware of the law in Canada/ provinces that could cause many problems within families. Quote
M.Dancer Posted June 21, 2011 Report Posted June 21, 2011 Is that all you got?? It's not my kid, but there are people out there in the down turn that probably did and the parents are unware of the law in Canada/ provinces that could cause many problems within families. How much money do you think the feds should spend on public awareness? Quote RIGHT of SOME, LEFT of OTHERS If it is a choice between them and us, I choose us
bush_cheney2004 Posted June 22, 2011 Report Posted June 22, 2011 (edited) Is that all you got?? It's not my kid, but there are people out there in the down turn that probably did and the parents are unware of the law in Canada/ provinces that could cause many problems within families. If this is a widespread problem for Canadian families, then something else is the major issue. Debts owed to dead people should not be a problem if a well written loan contract is used to document the loan. The forms are available at any good office supply store, or online, even in Canada! Edited June 22, 2011 by bush_cheney2004 Quote Economics trumps Virtue.
Topaz Posted June 22, 2011 Author Report Posted June 22, 2011 When the owner that borrowed the money, it was a personal loan, not a business loan, but the money was from the account that the mother had setup for the other two. The borrower was going to pay back the money as soon as they could but the mother ended up dying before the loan could be paid back and its was all a verbal agreement and all parties knew of the loan. I'm sorry, I didn't explain it clearly, I tried to remember every detail she told me. I think if the mother had put the other two children's name on the account maybe then they could have gotten the money back. As she told me, the lawyer said, if it not in writing, then its concerned a gift. I think lawyers should do a better job explaining things to people about Wills. I was just wondering how many people on here was aware of this. Quote
Pliny Posted June 22, 2011 Report Posted June 22, 2011 Morally, I'm sure that person knows owe the money but legally they don't have to pay it back. BTW, the executor was the other owner of the small business and they could take them to court but they don't have the money to fight it. Thoughts? So you are suggesting they be legally made to act morally? It would save grief and family members from thinking that one of their members was an immoral ass, I suppose. Quote I want to be in the class that ensures the classless society remains classless.
Oleg Bach Posted June 22, 2011 Report Posted June 22, 2011 My sister borrowed a large sum of cash from my mother - mum died - the sister got her share of the inheritance - and kept the borrowed money...she actually got twice her share ------------the other thing is that some not so nice people will drag the super ederly off to the lawyers office and alter wills in their favour...that is a problem. Quote
bush_cheney2004 Posted June 22, 2011 Report Posted June 22, 2011 ..... As she told me, the lawyer said, if it not in writing, then its concerned a gift. I think lawyers should do a better job explaining things to people about Wills. I was just wondering how many people on here was aware of this. Never a lender or borrower be...and if you can't do that, at least get it in writing! It doesn't matter if it was a personal loan. See promissory note examples here: http://www.canadalegal.com/forms-canadian/promissory-notes-and-loan-agreements.asp Quote Economics trumps Virtue.
Oleg Bach Posted June 22, 2011 Report Posted June 22, 2011 BC.....could you lend me enough to get a burger......................I will gladly pay you Tuesday...neve a borrower or lender be......such a hard case you are...The only thing I am worried about is leaving the rights to my materal to my son -He is such a cheap little bastard that he would not share with his siblings...and the siblings are to dumb to cash in on artistic property - but he is not......lawyer.................nope...and by the way my question mark has stopped working...wonder whyÉ Quote
bush_cheney2004 Posted June 22, 2011 Report Posted June 22, 2011 BC.....could you lend me enough to get a burger......................I will gladly pay you Tuesday...neve a borrower or lender be......such a hard case you are... Here's your burger money...don't bother paying me back. Money going to relatives or friends is a gift unless otherwise documented. Maybe Judge Judy can help. Quote Economics trumps Virtue.
Oleg Bach Posted June 23, 2011 Report Posted June 23, 2011 Here's your burger money...don't bother paying me back. Money going to relatives or friends is a gift unless otherwise documented. Maybe Judge Judy can help. Judy is an America and her law does not apply here. It's a privlege to be considered friends or family with you. To recieve a gift of a bite to eat is appreciated....I will NOT pay you back...but if you are hungry give me a call. NOW let me describe the worst tampering of a will that I know of. My father inlaw was a cop - so was his father. He eventually became a sixty ounce a day vodka drinker who slept with a loaded gun under his pillow. He was quite crazy and lived in our basement apartment. His father discovered some gas wells - He had shares that were not touched for forty years...finally the drunken cops mother dies...who believed that we were abusive of her gun totting drunken X-cop son. He had everyone convinced that he staggered because of a diabetic condition... To make a long story short - as the old cop way dying in my bed...His sister came to visit with her Camen Island accountant husband. They had secret talks behind closed doors..The old cop trusted them because they were "high class" - the cop spends his last days in a hotel entertaining strippers...He is almost dead...I go and retrive his mothers will...Unknown to him it had been recently altered....When and if the old cop dies..the money will not go to his offspring but revert back to the accountant sisters and sinister husbands. These people were already rich - and childless....other than an adopted gay son. Millions by passed my wife and her siblings...They recieved some rusty pie plates and a token two thousand dollars. They called my wifes father a "spend thrift" - which he was not...They blamed the death of grandma on my wife...for ousting her gun totting father and planting him over at grandma's house - where she was found dead eventually....NOW - IF the originator of the wealth - which was the grandfather - the father of the drunken cop - knew that his money would not get to his grand children...He would roll over in his grave... My lawyer said that "it was immoral but legal" - One thing that my wife and siblings did not realize is that they actually believed that rich people would not steal your inheritance - because they had money of their own. I attempted to explain to them that they had no kids and twenty horses...what these people would want was 40 horses - My wife was trusting - and believed that the rich relatives were honourable..they were not - they took an 80 year old dying woman to the lawyer and forced her hand...The abuse and manipulation of the elderly in this regard is hard to prove...but I saw it take place...so a woman that was to inherit millions...struggled for the next few years...because our system of will and law is easily corruptable. Quote
Pliny Posted June 24, 2011 Report Posted June 24, 2011 ...and by the way my question mark has stopped working...wonder whyÉ Probably your keyboard preferences have inadvertently been changed to Canadian FrenchÉ Quote I want to be in the class that ensures the classless society remains classless.
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