Legal Question in Wills and Trusts in Illinois

My Father was the sole name on his incorporated business. He passed away and none of us kids want to become officers of the corporation due to the asset to debt ratio. It is a small manufacturing business and there is some product stock left in the warehouse. Also my sisters car was in the company name. Is there anyway we can get the car back without taking on the company? Also is there anyway we can scrap the metal in the warehouse to help pay for final expenses for my father without assuming any responsibility of the company. Is there an abandonment time frame we could work in? Thank you for any help, this is a mess.


Asked on 9/09/14, 11:36 am

1 Answer from Attorneys
Virginia Prihoda Law Offices of Virginia Prihoda

Your late father's business interest is part of a larger context: the property he left behind upon his decease which comprises his estate. Where the share interest in his corporation goes needs to be viewed in the larger context of where everything else goes and how it gets there. Did your father have a will? A trust? Who are his heirs at law if there was no will or trust. Are there creditors who may have claims? Does the company have employees other than family? Who will represent the estate if there needs to be any legal action? Good basis for a conversation with an attorney.

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Answered on 9/09/14, 12:27 pm


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