Legal Question in Wills and Trusts in Alabama
Wills and corporation
My father passed away leaving a will in which no money was left as he had written. He left two corporations which had been desolved. He had no got rid of all the assets (autos) of these corp. They are in the corp name. When he incorparted he never created the shares that are mentioned on the corp papers. He was the only one in these corporations. His name only. What has to be done to sale these assets. He appointed my brother and I executors and trustees over his estate.
2 Answers from Attorneys
Re: Wills and corporation
You are going to need to probate the estate. I would need to read the will to specifically answer this question. You may contact me at 205-733-1131 or 256-362-6670 to schedule an appointment . No charge for consultation
Re: Wills and corporation
If the corporations were formally dissolved, the assets would have had to have been distributed to the shareholders. If he was the only shareholder, the assets would have been passed to him. You will have to probate the will, have the titles to the assets corrected and proceed through probate court. If the corporations were not formally dissolved or if there were more than one shareholder, you would need to review the corporate documents, if there are any, and proceed according to those documents. You may end up in the same place as discussed above. You and your brother, as executors, have the power to probate the will and disburse the assets accordingly.
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