Legal Question in Wills and Trusts in New Jersey

Re: right to owenership

It does not take much to have a valid contract and a simple several line written document may constitute a valid contract. Not having seen what was written, I cannot tell if this is a valid contract. However, if it is valid, the person given the ownership interest has rights to the business. In the event it is not valid, the claim for indebtedness would be asserted against the estate. This could be major litigation involving the estate, depending upon values involved, and can be both time-consuming and costly, so perhaps a practical settlement solution should be considered. If I could see the written documents, I might be better able to advise you. Contact me directly if you have further questions.