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The adult children of Jack Austen – Kate, Charlie, and Claire – are gathering a few months after their father’s passing to remember him and discuss what to do with the family business, Oceanic Real Estate, LLC.
Each child inherited an equal interest in that business, much to Kate’s dismay as she anticipated being the sole heir. While Kate is independently evaluating whether to legally challenge her siblings’ rights to the business – see “What To Do if Estate Assets Need To Be Managed During Litigation: Examining the Austen Family” – she is setting that aside, for the moment, in the interest of considering what is best for her father’s legacy.
Estate Planning for Digital Assets: Examining the Austen Family | Burns & Levinson LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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In our new family, the Austens, father Jack Austen, built up a successful residential real estate company, Oceanic Real Estate, LLC. Upon his tragic death in a plane crash in 2019, it is likely that at least Kate will challenge Jack’s Will. During this anticipated Will contest – before the allowance of Jack’s Will and the appointment of a Personal Representative – his estate assets are in limbo and need to be managed.
Thankfully, the Massachusetts legislature enacted statutes that enable the appointment of a temporary fiduciary to step in and manage estate assets during the pendency of a contested proceeding. This temporary fiduciary in an estate proceeding is called a Special Personal Representative, and “any suitable person” can be appointed to the position. This means that a family member, professional, or attorney is eligible for the appointment.
A Family History of the Austens | Burns & Levinson LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.