I have a small restaurant and am looking to see how I can leave it to my three children without tearing it apart. For example, if one of them died or divorced, I wouldn't want the spouses to be able to claim ownership. I would like the three children only to have the restaurant and when one dies the ownership goes to the remaining children. Can I do this in my will? What is the best way to make sure that this occurs?
2007-01-26 12:20:37 · 3 answers · asked by Me 3 in Business & Finance ➔ Small Business
See a lawyer and incorporate the business. Create shares and invoke a voting mechanism that requires two of the three to agree on changes.
I am not sure how old your children are, but if they are over 18, I would include them in the discussion so that they understand your wishes. Also, they may not be interested, and I'm guessing that this is your major asset to leave to them, and children not interested in the restaurant may get little else.
This is going to take a lot of discussion. Good luck.
2007-01-26 12:31:44 · answer #1 · answered by John T 6 · 0⤊ 0⤋
Contact a lawyer! They are able to do everything you want done. Not to mention, they will help you with your entire will and power of attorney.
2007-01-26 20:28:51 · answer #2 · answered by KMChickk 3 · 1⤊ 0⤋
Ask your legal adviser.
2007-01-26 20:45:10 · answer #3 · answered by MattyG 3 · 0⤊ 0⤋