Legal Question in Wills and Trusts in New Jersey

Re: Death of spouse

I am sorry to hear about your husband's passing. Having represented many widows, I can relate to what you are going through and hope I can be of some help. You will need to seek the advice of an estate lawyer. If you husband left a Last Will & Testament (LW&T), his LW&T will need to be probated in the County where he was domiciled at the time of his death. Under the rules, the LW&T cannot be admitted to probate until 10 days after his death. With regard to your husband being a partner in the family business which includes real estate, there might be a buy-out agreement among the partners if someone died which would establish the value of your husband's interest in the business. If there is no agreement, the issue of receiving value for your husband's share of the business may depend upon certain factors, including but not limited to the family dynamics and whether any of the partners owned life insurance on your husband's life for purposes of buying out his interest. With regard to the real estate, it is important to know how title is held. Is it held in the name of the business (i.e. a corporation, partnership, etc.) or is it owned individually by your husband along with other family members. If owned individually by your husband along with other family members, then you will need to be appointed as the Executrix of his estate soon, especially if the property is to be sold. Even if it was owned by the business, it may be also be necessary to be appointed as the Executor of his estate because certain paperwork may need to be signed by you on behalf of his interest in the family business. There are several other issues that may need to be addressed with regard to the family business and the real estate. Feel free to contact me by email or phone (there is no charge for a phone consultation) if you want to discuss this matter further.

Pamela Cohen Polifron, Esq.

Certified Elder Law Attorney by the National Academy of Elder Law Attorneys

phone: (973)467-8000

email: [email protected]

Re: Death of spouse

As the inheritor of his estate, you should inherit his interest in the partnership. However, in many family partnerships there are agreements between the partners that spell out what happens in the event of a death of a partner. In many situations there are provisions requiring that the partner's interest be liquidated rather than be inherited, and there may even be a buyout formula for calculating the purchase price for the decedent's interest. This is typically done to keep the business in the family rather than to allow it to possibly pass to outsiders (not only a spouse or children, but third parties in the event the partner was unmarried and/or had no children). You should first inquire if there was an agreement among the partners and, if so, what it provided. The agreement might allow a partner to pass the interest to a spouse or children. You cannot request anything until you know exactly to what you are entitled.