Legal Question in Wills and Trusts in Michigan
I am personal rep for an estate which includes an on-going business. The business will be sold. The Will provides full authority to run the business. I expect to provide business valuation and appropriate financial statements as part of the estate inventory probate filing. Am I required to provide interested party with operating financials - weekly/monthy sales and cash flows?
1 Answer from Attorneys
You are not required to provide the information to interested parties if you are not requested by them to do so. You may be better off to file a motion to sell the business to protect yourself. If the judge allows the sale after they have had notice, they would be barred from complaining about the purchase price later. Contact me if you would like my assistance with this probate estate at johntatone.com
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