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.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
