Legal Question in Wills and Trusts in New Jersey

Whenever an interest in a business is part of an estate, the estate administration is complicated. Before any interest in any asset in any estate may be distributed, the estate has to be opened and administered. The first distribution of assets must be to pay all debts of the decedent, including taxes. Only then may the rest of the estate be distributed.

The families or other appointed executors of your deceased partners' estates must administer the estates so that you may inherit their interests in the business under their respective wills.

Any document, even if it had been signed, appointing you as 100% managing member, would not have made you the 100% owner.

You should engage a business lawyer to represent your interest, and to find out the status of the two estates.

This response is not legal advice, since I do not have all of the information that would be required, and I do not have a representation agreement with you.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.

I agree. You do not say what type(S) of businesses might ber involved, and usually some form of documentation is required. For example, if the business was a corporation, stock certificates may be required to be cancelled and new ones issued. Minutes may have to be done and certain tax filings might have to be corrected. More information is neded to provide a complete response.