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Successor in the Promissory Note. I plan to loan a

Successor in the Promissory Note. I...
Successor in the Promissory Note.
I plan to loan a substantial amount of money to a third party. In the Promissory Note I would like to specify who inherits it if I die before the loan is paid off. Can I do that? Will this take precedence over my will (if any)? Will this avoid probate?
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Answered in 1 minute by:
3/16/2018
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,782
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

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No you really need to amend your will with codicil stating

I will the promissory note in the amount of $$$$dated...to Bob Jones.

You cannot put it int he note but a codicil will take care of it all.

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Codicil here

https://www.lawdepot.com/contracts/codicil-to-will/

Once signed and notarized leave it with your will and important papers.

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I appreciate the chance to help you .Thanks

If you can positive rate 5 stars it is much appreciated.

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Customer reply replied 5 months ago
Thanks, that's helpful. Can I still do this if I am not a resident of Florida and not a US citizen?

Yes you can just add codicil to will here.

RayAnswers
RayAnswers, Attorney
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Satisfied Customers: 48,782
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