Private loan repayment

[GTIR]

I'm after the PH massiv' advice on repaying a private business loan to a friend.

I like to setup some kind of account for repaying a loan to a friend who helped me start up in business in 2007. Although I've paid some back id like to get something in place to put larger amounts in for her to access if she needs it, she's not asked for it back but I'm duty bound to pay her back plus interest at some point.

Here's the sticky bit. She's quite frail and much to her families dissapointment she's refusing to leave us Honestly, it's like bees round a honey pot when she has a turn and it's disgraceful. Still, money is a powerful force.

So what I'd like is a "pot", whether it be a bank account or other fund that she can see and access if she wants, but, on the event of her demise that money gets given, or donated, to a worthy cause or charity. Basically, she doesn't want, nor do I, her greedy family to get it. I don't want it either.

That why I'm paying her back for her trust and friendship and when that day comes it'll be used for a good cause.

So, what are my options?

Thanks in advance.

[BoRED S2upid]

Do the family know you owe this money? If so will they come for it when she passes away? might be better to set up a legal agreement now so the pot can go to a charity of her choice long after she passes.

[Chris_]

I am fairly sure that if you owe her the money, and it is still owing at her death, then you will owe it to her estate in turn.

[Eric Mc]

Chris_ said:

I am fairly sure that if you owe her the money, and it is still owing at her death, then you will owe it to her estate in turn.

Yep - the debt is an "asset" in her estate so it is irrelevant whether it the asset is in the form of money in her bank or money owed to her at death,.

[GTIR]

I've already got a legal document saying that in the event of her death all lent money, and business %, should go to me so that's all covered. It's states as the "lendee" my full name so any business's set up by me are covered as a sole trader, I assume?

This was all done way before she become ill, both physically and mentally.