What to do ifsomeone owned a bar and passed away without a Will?

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What to do ifsomeone owned a bar and passed away without a Will?

My friend’s father dies; he incorporated rather than doing a sole proprietorship. My friend wants nothing to do with the business and just wants to sell off whatever assets are left (chairs, pizza oven, mirrors, etc). If he does sell the items, does he get the keep the money after paying off all the bar debt? There is a brother and sister but neither want to be bothered with this.

Asked on February 22, 2011 under Estate Planning, New York

Answers:

S.J.H., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Since he died without a will, the bar would pass through the estate through intestate succession. THat means that if there is no spouse, the children inherit equally. Someone has to file a petition in Surrogate's Court to be named the administrator of the estate. If the other siblings to not want to be involved they can expedite the process by filing a conset to this and a waiver of administration which means your friend would be in charge of settling the estate. He would then have to sell the shares of the corporation and any assets the corporation owns. (If he can't sell the corporation he can sell only the assets and dissolve the corporation). He would then have to split the money three ways. He would be entitled to get a fee for administering the estate which has to be approved by the Court. The siblkings could renounce their interest and let your friend inherit their share.


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