Legal Question in Wills and Trusts in New Jersey
Can she still contest this?
I bought my Dad's business before his death in 2001. Mom was the executrix of his will and never questioned my ownership of the business. Mom died in 2008. My sister wants proof that I paid Dad in full for his business. She never asked officially before now. Can she cause trouble for me now? Is there a statute of limitations for questioning the proceeds of a will? Basically, she is contending that the business was a part of my dad's estate, when in actuality the business was not his to bequeath.
2 Answers from Attorneys
Re: Can she still contest this?
First, if your sister is questioning this it means she either feels cheated or has some other problem with the business sale and you. You definitely need to address this relationship issue.
Secondly, your attorney should have copies of the setlement documents for the purchase of the business. If you did not have a lawyer prepare the documents, you should hire a good tax and business lawyer to review thr transaction.
I hope this helps!
www.SaveYourEstate.com
Re: Can she still contest this?
If you purchased the business from your father and owned the business at the time of his death, then it was not part of your father's estate and your sister should not be able to raise any issues.
It seems it would be a simple matter to provide her with evidence that you owned the business [cancelled checks, a written agreement of sale, closing documents, stock certificates, etc.].
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