How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

I want to borrow a fixed sum of money from my sister and make

Customer Question

I want to borrow a fixed sum of money from my sister and make sure that she is comfortable in a legal sense so as not to make her feel that she is dependant on trust alone. In particular in the even of my premature death. So I want to know if I can have a legal contract drafted that takes care of this please? I imagine that this is relatively straightforward and that is you take over the information it can be drafted?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

You do not need anything fancy, a letter along the following lines which states that:

I, >>>>your name and address>>> acknowledge receipt of the sum of >>> (as requested my me) from your sister (give her name and address) and that you will repay it to her by >>>>>.

Signed by yourself and your sister.

You may ask someone to witness your signatures as well.

All the best
Customer: replied 3 years ago.

Hello


 


I would also include the sum that I will pay her each month as part of the agreement.


 


Key elements:


 


£30,000 to be repaid in 2 years (I can add more detail)


Monthly payments


the details as you state above in your summary about names and addresses.


Some reassurance that this is a legally binding arrangement etc - so I hope there is legal speak to enable her to feel that in any event she can be assured of a claim.


 


I will set up a life insurance policy that covers the sum and is for her


 


Thanks


 


John

Expert:  UKSolicitorJA replied 3 years ago.
tter.

Yes John, you may include details of the repayment in the letter agreement which will be legally binding.

All the best
Customer: replied 3 years ago.

Thank you - and should i draft that myself or will you be giving me legal wording?


John

Expert:  UKSolicitorJA replied 3 years ago.
This is a Q&A site, you will need to draft yourself.

All the best
Customer: replied 3 years ago.

Thank you


 

Expert:  UKSolicitorJA replied 3 years ago.
Welcome.