Legal Question in Wills and Trusts in Florida

I have a Seafood Business, the property in which my Business is located, is in my Father's name, which I'm paying rent and insurance (insurance is in my Father's name) for the last 29 years. The building had damage to it, which the insurance paid off. My father could pass away anytime now and the Will states that the business will be divided between me my sister and brother. Beings that I helped pay the building off and maintained it for 29 years, I feel that i'm entitled to more than just a third of this Business! Am I?


Asked on 2/22/12, 11:23 am

1 Answer from Attorneys
Richard Kaplan

If the property is in his name, he can do anything he wants to with it. It's like renting from someone. Even if you rent from the same unrelated person for years, it doesn't give you ownership rights. You of course could always move if it makes sense to do.

As to the business, is it owned by him or by you? You state it both ways. If the business is owned by you, your father cannot Will it to your siblings. If he owns it, he can do what he wants to do.

The point though is that if you are the only one running this, and your siblings have no involvement in it, then you are the Key Person, and the value is very much with you. If you left the business, how would it continue? That may give you some leverage.

Worse case, you pick up and re-start in another location. It may not make for good family relations, but its business.

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Answered on 2/22/12, 11:42 am


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