Will Contesting for Business Assets

StrategyDriven Entrepreneurship ArticleIn regards to leaving behind business assets, this can be a difficult situation in the aftermath of someone’s death if they have not left clear instructions or followed all the necessary steps to pass on said assets in a clear way. In their will, if no trust has been set up or the assets were in only the name of the person who has passed away, or you feel there was something wrong with the will presented, then contesting the will legally is an option you need to explore.

To give you a helping hand at this difficult time, this guide will take you through some of the essential information you need to know in order to move forward and make sure the business assets in question are dealt with and granted correctly to the right people.

Understanding probate

When you first consider taking legal action to contest a will for business assets, you need to know some of the essential information so that you are better able to understand your situation and rights in this scenario. To begin with, you need to learn information about probate and business assets to get a better grasp of what needs to be done, as filing for probate is a little different to contesting.

First of all, what exactly is probate?

  • Probate is a process where the deceased person’s will is taken to court with a petition to investigate the will and, in the end, distribute the business assets to the rightful beneficiaries.

When are business assets subject to probate?

  • If the business in question is solely in the deceased person’s name and they did not set up a trust, then the assets are subject to probate so that the stock can be transferred to an appropriate body.

Standing your ground

Contesting a will is dependent on having the grounds to pursue the legal process. There are several reasons to contest a will that, if you can prove, will give you the precedence to make a claim on the business assets in question:

Lack of capacity – This is where the person in question was not in a fit state to be entering into a legally binding agreement, such as a will, which then renders the document void.

Failure of formality – This is where the signing of the will didn’t comply with state laws, such as not being signed with two valid witnesses.

Under duress – This is where a will is completed, and the testator is pressure or threatening into writing the document.

Professional help with your claim

Finally, now that you know some of the essential information to move forward with you contesting of the will, you need to find lawyers who can help you make progress with your claim. Visiting is a good place to start as this will put you in touch with experts in contesting wills who can help you make a successful claim.

At this difficult time, make sure you take all the proper steps to see that justice is done.