Q: I am named executor of my Fathers will. My Father had a business I am expected to sell. Do I have to probate the will.
My brothers portion I have to put in a trust that I oversee. The other six heirs are grandchildren. I am selling the business as a lease to purchase. Can I open a bank account in the estates name and pay the heirs monthly. There are no debts on the business or any other debts in my fathers name.
A: I recommend that you seek the advice of a probate attorney. If a decedent's business is part of his estate and the decedent had a will, the person named as executor in the will would need to probate the will and petition the probate court to be appointed executor. What the executor may do with a business which is an estate asset depends on the provisions of the will and applicable law. You would need to have a probate attorney review all the pertinent facts to be able to properly advise you on this matter. Good luck.
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