Many parents of adult children quickly discover that while the children have left the nest, they quickly return.
When it comes to making a Will there are a number of issues that need to be addressed in connection with gifts and loans.
Was the money a loan or a gift? If it was a loan, what were the terms of the loan? Has the debt been paid in part or full? How can the loan be treated under the Will?
In many cases family members do not adequately document the nature of their transaction.
Where there is later disagreement, just like any other litigation between people in disagreement, the matter has to go to the courts to be resolved.
It is important to address these issues wherever possible before advancing money to another party to ensure that all legal issues have been properly explored.
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