My uncle's handshake deal from 15 years ago finally came back to bite me

Last week I was helping my cousin clean out my uncle's old workshop after he passed, and we found a stack of papers tucked behind a shelf. Turns out he'd been running his landscaping business on handshake deals and verbal agreements for decades, no written contracts at all. About 3 years ago he loaned a buddy $5,000 to buy equipment for a side gig, and they shook on a payback plan. Well that buddy passed away last month, and his family had no record of the loan, no paperwork, nothing. My uncle's estate is just out that money now, and there's nothing we can do about it. It got me thinking about how many of us run small operations on trust alone, especially in trades like mine. Back when I started my own company 5 years ago, I used to do the same thing, just a nod and a promise. Has anyone else had a deal go south because there was nothing in writing, even between family or old friends?

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drews556h ago

Oh man, that's rough but it's actually not true that there's nothing you can do about it. You might still have a case if you can find any texts, bank records, or witnesses that show the loan happened.