What is the name of your state (only U.S. law)? Indiana
My father inherited our family's business from my grandma when she passed away a few years ago. My grandmother did not want the business to go to my dad's current wife in the event of his death. One of her stipulations in her will was that the business could only go to a blood relative if my father should pass away. I never thought that would legally protect anything, but I wanted to see what would happen to the business if something were to happen to my Dad. He had told us that he had a pre-nup when they got married and found out later on that he never had one drafted.
My dad's idea of a will is a little piece of paper that sits in his wallet, willing the business to his children (there are 3 of us) and splitting his house among his wife and us three kids. His life insurance and bank accounts go to his wife as well. Since we live in Indiana, I am afraid that if something happens to my Dad, his wife will get half of everything, including the family business. She would destroy the "will" that is in his wallet so by law, how would things be distributed?
Thank you.
Lynn
My father inherited our family's business from my grandma when she passed away a few years ago. My grandmother did not want the business to go to my dad's current wife in the event of his death. One of her stipulations in her will was that the business could only go to a blood relative if my father should pass away. I never thought that would legally protect anything, but I wanted to see what would happen to the business if something were to happen to my Dad. He had told us that he had a pre-nup when they got married and found out later on that he never had one drafted.
My dad's idea of a will is a little piece of paper that sits in his wallet, willing the business to his children (there are 3 of us) and splitting his house among his wife and us three kids. His life insurance and bank accounts go to his wife as well. Since we live in Indiana, I am afraid that if something happens to my Dad, his wife will get half of everything, including the family business. She would destroy the "will" that is in his wallet so by law, how would things be distributed?
Thank you.
Lynn