Legal Question in Wills and Trusts in Massachusetts
My father owns a business ,that is in his name only, that I have worked at with him for 20 years. He remarried 12 years ago and died yesterday without a will. What happens to the business?
3 Answers from Attorneys
50/50 split of all property and that includes the business.
Your step mother is entitled to the Statutory share of the estate which is half and the rest goes to your father's children.
I would think you can buy your step mother out on some terms, since I doubt she would want to run it. I deal with issues like these regularly and if you need assistance, please feel free to contact me without obligation. You can call me at 617.406.4647.
If you have siblings that could complicate issues as well.
Oh my gosh, I am sorry for your loss.
Under the laws of intestacy, your father's business would pass together with your father's entire probate estate as follows: 50% to your father's wife, and 50% to be split evenly among your father's children.
Someone should move quickly to petition the court to become administrator (personal representative) of your father's estate. There might be a good argument to be made that you should be appointed over your father's wife (or that you should be appointed co-administrators) since the personal representative will be tasked with managing and dealing with the business.
My advice would be to retain an attorney to get started on this while you focus on taking care of yourself and your family.
If you would like some assistance in handling matters going forward, please feel free to contact our office at 617-357-4898. I wish you the absolute best.