Legal Question in Wills and Trusts in New York
can they sell my shares?
My father has has willed to me 1/3 of his shares of stock in our family business. His wife is willed 2/3 of the shares. She and her two adult children ( my step brothers), want to sell my father's shares. He is 88 yrs old and mentally incapacitated with Alzheimers & Parkinson's. Question? Can they sell all his shares without my consent? I feel this is changing his will for me to recieve the stocks. I am and active part of the business for many years but own no stock. Thank you for any help.
1 Answer from Attorneys
Your Father's shares
As I understand it:
1 - Your father is presently incompetent2 - He owns 100% of the shares of a business3 - he has a will If you father is truly incompetent he cannot sell his shares.
If someone else has a power of attorney or has been appointed guardian that person could sell his shares,but there would be serious questions if there was self-dealing.
If you give me more details I could help you.
In what state does your father reside?a power of attorney
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