Legal Question in Wills and Trusts in California
business left to me!
my friend died,left me his business,a friend of his 2 weeks later incorporated his business & got all his inventory. the business is now in someone elses name,even has stocks.
i was told that because my friend did not protect his business that upon his death the business died as well.
is this true??
5 Answers from Attorneys
Re: business left to me!
Not really. If his will left it to you then you own it and may need to sue the other friend to get it back.
Re: business left to me!
Generally, you would own the business; but the way this gift was written and what is said in the trust or will documents is crucial to understanding your probable result.
A "business" is not like a chair. It is a bundle of rights rather than a fixed physical object. Your rights may differ dramatically depending on what form the business took. For example, if it were a partnership, your rights to the business are subject to the rights of the surviving partner.You need to discuss this further with someone knowledgable about both probate and business issues to see what rights you may have, and to discuss yoour legal remedies.
Re: business left to me!
Wrong Answer.
Your friend was good enough to leave you the business. That business does NOT die upon your friend's death. There are, however, questions as to just what was left to you in terms of assets, good will, etc.
The friend that has taken all of the equipment that was bequethed to you has misappropriated these assets. Was a probate set up for your deceased friend?
You have options to pursue depending on the value of the business.
I would be happy to discuss this matter with you.
J. Caleb Donner
LEGAL WARRIORS (R)
805-494-6557
Re: business left to me!
If there was a will that left the business to you, you are entitled to take over the business. If there was no will, then you would need to show that his intent was that you receive the business.
In any case, it would appear that you have a viable cause of action against whomever converted the business.
Re: business left to me!
Your friend had some kind of interest in the business--you should meet with a probate attorney right away to discover what kind of interest and what kind of rights you have.
It does not sound like the other "friend" acted legally in taking the inventory--he has to have some kind of proof that he's entitled to it, and this generally has to come from a probate court or a trustee.
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