what happens to a family business of the decedent if there was no business succession plan?

UPDATED: Jul 3, 2009

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Jul 3, 2009Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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


B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney

Answered 13 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption