What happens to a promissory note when the lender dies?

When a lender dies, the promissory note typically becomes part of their estate. The rights to collect on the note can be transferred to the lender's heirs or assigned to an estate executor, who is responsible for managing the estate. The borrower is still obligated to repay the note, and the terms of the note remain in effect unless otherwise specified. It’s advisable for the borrower to communicate with the estate representative to ensure proper payment procedures are followed.