Legal Question in Business Law in New York
My husband and I have a will that specifies upon death of either one of us, the remaining spouse assets will got to surviving spouse. He presently owns a building with 2 partners (his brothers). If he passes, do I become the third partner or would it be a parternship between the 2 remaining partners (brothers)?
Asked on 8/30/10, 9:04 am
1 Answer from Attorneys
David Leon
David L. Leon, P.C.
Under normal circumstances, you would inherit the partnership interests. However, the partnership may have a 'buy/sell' type of agreement in place which would prevent you from acquiring ownership interest in the business. I would have to review the partnership documents to be sure.
Dave
http://nylegaladvisor.com
Answered on 9/04/10, 9:30 am
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