I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
I purchased 1/2 of a company from my business partner 6 years ago but she passed away, do I still owe my annual payment to her children?
I was to make yearly payments to her over a period of 10 years. She died last year. We are getting ready to pay out profit distribution for last year, which I normally use to make my yearly payment back to her. I have the money in hand and because it was a personal loan between her and I, I would normally pay directly back to her. Because she has 4 children who inherited everything, I am getting ready to send a check to each one of them for the yearly payment.
Asked on December 19, 2012 under Business Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Yes, you do need to keep paying: the money she is owed now goes to her estate. However, rather than sending checks directly to the children, speak with the executor or administrator of the estate first, to see what you should do and whom you should pay, how much.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.