Promissory Note (Debt Forgiven on Death of Lender)
If you are loaning money to a family member or close friend, you can secure the loan with this Promissory Note to be Forgiven on Death.
- This promissory note template provides that the balance outstanding on the loan will be forgiven when the lender dies.
- The borrower agrees to make monthly payments against the loan secured by the promissory note.
- The borrower can prepay the full amount at any time without paying a prepayment penalty.
- If the lender dies before the loan is completely repaid, any balance remaining unpaid at that time is forgiven.
This Promissory Note to be Forgiven on Death of Lender
form is a downloadable MS Word file which is easy to fill in and use.