No will, son inherits half business, liability?
My husband's father died with no will. He
has a lease-option on a bar, solely in his
name. Technically, he is now half owner,
w/the 3rd wife. 1. Can we compell her to
sell/reassign the contract? 2. And more
importantly, are we liable for any debts
the bar has or may incur, or for the
payments on the lease option? What
about if someone is injured on the
property? The widow has no assets
except the bar, my husband has assets
worth pursuing.
Re: No will, son inherits half business, liability?
I think you are a little ahead of yourself. If there has been no probate opened then the bar is technically owned by the estate of your father in-law. You and your husband would have no liability for the bar, except that you may lose a portion of the estate that in the end would come to you if the bar business is run poorly or in violation of the law. You need to open probate so that a personal representative (PR) can be appointed. The PR would have authority to deal with the bar and other assets and would be in a position to safeguard your interests. Bars are highly regulated, there is a potential for the estate could be liable for state taxes and or liens against the bar. I suggest you speak with an attorney and take some action very soon.
Re: No will, son inherits half business, liability?
I think you are a little ahead of yourself. If there has been no probate opened then the bar is technically owned by the estate of your father in-law. You and your husband would have no liability for the bar, except that you may lose a portion of the estate that in the end would come to you if the bar business is run poorly or in violation of the law. You need to open probate so that a personal representative (PR) can be appointed. The PR would have authority to deal with the bar and other assets and would be in a position to safeguard your interests. Bars are highly regulated, there is a potential for the estate could be liable for state taxes and or liens against the bar. I suggest you speak with an attorney and take some action very soon.
