what happens to a family business of the decedent if there was no business succession plan?
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what happens to a family business of the decedent if there was no business succession plan?
My father had a business in which 1 of my brother’s is working. The will is based on per stirpes so that the 4 children would equally get 25%. Dad name my 2 brother’s as executor’s, one of which is working the business. So the excutor’s took it upon themselves todraw their own business succession plan where by the one brother would be 50% owner and the other 3 children would spilt the other 50%. How is that scenario going to play out in probate?
Asked on July 3, 2009 under Estate Planning, Pennsylvania
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
If there are enough assets so that everyone's total share of the estate is equal, then it probably makes more sense to have the son who was actually working in the business all along have the one-half interest. If you're one of the other sons, and you aren't satisfied with what the executors want to do, please have an attorney in your area review the facts, for reliable advice about what you can do next. There are remedies available, for when estates are handled improperly.
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