Business Inheritance And Will Contests
When a person dedicates a good portion of their life to building a successful business, this is something that should be given careful consideration during estate planning. A business owner may have family involved who work at the company and help run everything. Even if family members do not work at a business, an owner is likely going to have a specific family member or members in mind to leave their business to or its proceeds once sold after they pass on. Businesses, cash savings, and other valuable assets can be left to chosen heirs in a will.
It takes gentle, yet strategic consideration for determining who will take the helm and continue keeping everything going when the owner is no longer around to do so. Getting it right is a big deal, and business succession is one of the many reasons why it makes good sense not to put off estate planning. Additionally, estate planning could help reduce tax burdens and mitigate any type of disputes that may possibly take place after death. And even though a business owner may have thought about all of these things, there still could be disagreements with their will.
In New York, when you have an estate or trust dispute you can call the Law Office of Harry D. Lewis to speak with a respected and experienced New York estate and trust litigation attorney for support and legal guidance.
Issues with the Inheritance of a Business
A business owner can leave their business to one person or more than one person in their will. Or they can include instructions that guide the executor of the will with respect to what happens should the business be sold and how the proceeds of that sale should be distributed. A buy-sell agreement may be another supplement a business owner adds to their end-of-life planning that guides co-owners on how to purchase their portion of the company.
There are many things that a business owner has to think about and estate planning techniques that can be done with respect to proceeding with a business upon their death or disablement. And even though in many situations estate plans are put together in such a way as to minimize the chances of a legal dispute coming about, there could be questions about how a will was put together and if its terms are valid. When it comes to naming a person to be the head of a profitable and successful business, there could be much emotion and shock for heirs when the estate documents are read and that person’s identity is made known.
In these situations, wills can be contested. While there are many different reasons that can be valid to contest a will, one common motive is if it is believed that the testator who was putting the will together either did not have the capacity to do it or they were put under duress to have it name certain beneficiaries over others that the testator would not have otherwise chosen.
Speak with a New York Estate and Trust Litigation Lawyer Today
If you believe that the terms of your loved one’s will is incorrect because they were either coerced, the victim of fraud, there was a mistake, or there are some other types of legal grounds to challenge that will, the New York estate and trust litigation lawyer Harry D. Lewis can help. Please call the Law Office of Harry D. Lewis today to schedule a free consultation at 212-859-5067.
Source:
tax.ny.gov/pit/estate/etidx.htm
