I have a promissory note between H&W and A. H&W transferred a property to A and took a promissory note for £120,000.00 as collateral. H died appointing W as sole executor (and beneficiary).Following H’s death a Deed of Variation severed the joint tenancy on any H&W’s jointly owned assets - including the loan. The loan now needs to be repaid. Unfortunately W has lost capacity (since obtaining probate). Attorneys are appointed under an LPA for W. In order to recover the loan I am advised (by litigation department) that H’s executors need to assign his interest in the loan to W. As W is the executor can her attorneys appointed under LPA assign the interest as she is incapable of doing so?
Phoenix Legal Group