If the person I owe money to dies, do I still owe the debt?

I think the money is still owed even after death. This person is probably the executor of the estate, to put a face on things.

Had you paid back the loan to the deceased, that money would have been part of the assets to be divided or delegated to the beneficiary (s). So yes, if you wish to be of true integrity you should pay the relative back. If there is no formal written agreement existing they may not have a legal leg to stand on, but, the buck does get passed, so to speak.

I wouldn’t deal with the daughter. She has no business turning up at your job. I would get in touch with the firm of lawyers dealing with your friend’s estate and arrange things with them.

The debt is part of the asset list of the estate. It is owed.

Voluntarily paying $5 per month will keep it out of collections.

A restraining order is a cheap solution to prevent harassment from the daughter.

The money is owed to the estate. The daughter is acting as the executrix of the property which she may or may not be. Did you see her notorized authority on that issue? You can find out through the deceaseds local courthouse who the executrix is listed as. Since you did sign an IOU, you do owe the money and they have the record of that debt. It did not need to be notorized for it to be a legal debt.
However, since you stated that the person who passed was wealthy, the daughter seems to be acting out of greed in the collection of your debt.

Edited to add: It would also be interesting to see a copy of the will to see if she might have absolved you from your debt.

Take a good close look at the ‘table’ she is bringing you. When I hear the term amortization table, I think of calculated interest. She may not have any right to charge you interest on your loan, if that was not agreed. Be sure she doesn’t if this is the case.

Also make sure that the person you are dealing with is the executor of the will. The money could be owed to several siblings, not just her.

Yes, the money is still owed to the estate. Her death doesn’t wipe the debt unless otherwise stated in her will.

You do still owe the money, you owe it to the estate @chyna is right, the I.O.U. doesn’t have to be notarized to be valid plus you know and the estate knows you owe the money. @chyna is also right that the daughter doesn’t have the right to collect the money on behalf of the estate unless she is the executrix and has been named as such in your friend’s will. She should be able to provide a notarized Letter of Testamentary or whatever they call it them your state, issued by the Register of Wills that proves that she is executrix and authorized to act on behalf of the estate. If she isn’t then you don’t have to deal with her.

Follow @flutherother advice. The woman is completely out of order and out of place coming to your place of business. The fact that she did makes me wonder if you do not owe the money at all and she knows it and is trying to force the issue.

I would not seek out the estate lawyer. If you have anymore contact with her, tell her to have the estate lawyer call you…..AT HOME or on a cell away from business.

Take control of the situation and clarify it quickly for yourself by learning who is the executor of the estate and then making an appointment with them to set up whatever means you have of settling on the debt. After that, you can tell any other parties to stay away from you and your business.

Yes, you still owe the I.O.U. money loan. Coming to your work location may have been out of order, but that was better than a lien being placed on your assets, until the debt is paid.

Yes

Welcome to Fluther! You may not like the answers you’ll get here, but they are usually honest responses based on the experience of the community members.

You borrowed it; you owe it. You don’t get off free because of death of the person who loaned it, nor does her being wealthy have anything to do with it. An IOU is a promise to pay. And a promise is a promise.

Yes, you still owe the money. You borrowed it, so you must pay it back. If the lender has died, then pay it back to the estate. If the estate is the daughter, so be it. The amount of money the person who loaned you the money has (or had) does not have anything to do with your debt. It was up to her to forgive the debt, and since she didn’t, it is still your obligation.

Yes, the debt is then owed to the executors of the deceased’s estate and then to the heirs. If the daughter is the executor then yes, you are legally obliged to pay her.