Promissory Notes? Enforacable or not in Ireland?

[Drago]

Hi, wonder if anyone could advise on how best to handle this situtation. I have lent my partner, (we are not married) and continue to do so up to about 50,000€ for both business and domestic purposes. He is asset rich but cash poor at the moment hence the situation. However we want to ensure that if something happens to him I will be repaid this loan with interest without me incurring any penalities (eg tax or fees if applicable) as this loan by me to him reduces my access to capital funds and long term deposits which is for my pension. It is vital that we get this right as he is older and we are worried if he was to have an accident or dies we are not married his children might block any repayment, even though it is my cash funding currently that is keeping his business on the go in the current climate. He is unable to cash in some of his assets to repay me momentarily so we want to sort it out so it is clear. A promissory note may not be the right thing, but whatever it is must be more than just an acknowledgement of the loan, it has to clarify that the loan must be repaid. Should refernce to this also be in his will to ensure that the estate pays it like a lien from the bank? Any suggestions please? Thanks

 

[jhegarty]

Which €50,00 involved I think spending a few €100 for a solicitor would be money well spent.

 

[Drago]

Hi thanks for that, it will be with a solictor alright but I just wanted to be sure if there was any questions to ask of the solictor to ensure there wont be a problem later as it is usually someone else who has gone through the situation can help by raising things to ask that I might not even think of. I like to be prepared and the result will always be reliant on how thorough the solicitor is and that is the difficult thing.