Director/shareholder passed away.
Discussion
Steve57 said:
Just a quick update on this,
WHAT A COMPLETE f
k UP!!!!!!!! that is all.
Note to ANYONE if you have a step mum do NOT trust them.
Sadly it looks like we will have to pay the estate for dads business albeit he was giving it to us as a gift.
His estate is worth in the region of £750-800k yet we are set to get nothing and have the privilege of paying for the family business.
As all the money (so we are told but dont completely trust) is in the house and Classic cars she gets the lot under intestancy rules.
Have a meeting on monday with a Intestancy solicitor to see what options are available. Our main gripe being that once it is all handed over to her when she passes away HER children alone will get the estate.
I actually did not want to add in my two pence regarding this as it is already a difficult situation but a similar thing happened to my dad. He was always promised everything would be split out equally however once my grandads health started to decline my uncle had other ideas and started to convince my grandad to put things in his name and his wifes name and whatever was anything else would be split out. Even from that though he seems to have managed to create a will that 90% of it went to him and the rest of it split out. WHAT A COMPLETE f
k UP!!!!!!!! that is all. Note to ANYONE if you have a step mum do NOT trust them.
Sadly it looks like we will have to pay the estate for dads business albeit he was giving it to us as a gift.
His estate is worth in the region of £750-800k yet we are set to get nothing and have the privilege of paying for the family business.
As all the money (so we are told but dont completely trust) is in the house and Classic cars she gets the lot under intestancy rules.
Have a meeting on monday with a Intestancy solicitor to see what options are available. Our main gripe being that once it is all handed over to her when she passes away HER children alone will get the estate.
Edited by Steve57 on Tuesday 9th September 08:14
We are talking about 5mil plus here.
Really affected my dad for 10 years plus but now as time goes on whats the point, God sometimes has other plans, the same uncle passed away two years after getting the money.
I am sorry to hear of your troubles. Depending on our location (scotland england) you can contest the distribution of wealth which I think you will have a very very good case for considering YOU are the business now!
What it be possible to "close the company" and "start a new one" on paper there no having to in reality close down and pay anything for it?
Good Luck - Keep your chin up and the best way to drive through this is to always remember you want to make your dad proud.
You will get through it, ensure the siblings support each other!
Steve57 said:
An UPDATE...
£12,500 settlement later ( plus £30k wages over the last few years) and around £30k solicitor bills the paperwork is now drawn up for complete transfer to us.
Time to FINALLY move on.
Glad to see this is finally sorted. Bit of a sorry tale of perhaps greed on her behalf £12,500 settlement later ( plus £30k wages over the last few years) and around £30k solicitor bills the paperwork is now drawn up for complete transfer to us.
Time to FINALLY move on.
Has the business been running okay in the past couple of years? Considering all these issues I'm surprised you didn't just walk away and start afresh...
Its been a tough few years but yes we have been running ok, many times i and the wife have said lets just walk away and start fresh. Most of the customers are long term so would follow me im sure but we battled through thinking that Dad wanted us to continue with it. Hopefully once we are finally free we can then look forward and progress the business even further.
OP.
Please tell me you fired the accountant that didn't get things sorted before your father died.
Accountants vary greatly in their desire/ability to assist their customers rather than just be tax collectors for HMG.
They should have known the effect any delays would have on yourselves/the business and prioritised the work.
I have had 3 different accountants and my current one is head and shoulders better than the previous ones. He is proactive and thinks more like me.
A good accountant and solicitor are essential for anyone/business. Bad one's are very costly!
Please tell me you fired the accountant that didn't get things sorted before your father died.
Accountants vary greatly in their desire/ability to assist their customers rather than just be tax collectors for HMG.
They should have known the effect any delays would have on yourselves/the business and prioritised the work.
I have had 3 different accountants and my current one is head and shoulders better than the previous ones. He is proactive and thinks more like me.
A good accountant and solicitor are essential for anyone/business. Bad one's are very costly!
This makes for a scary read; sorry to hear of your roller coaster, op... but sounds like you can start to move on.
Can I ask; the 30k solicitor fees... what sort of time period does that cover and a ballpark on how much back and forth?
I ask for my fiancé who’s going though something a little similar.
Can I ask; the 30k solicitor fees... what sort of time period does that cover and a ballpark on how much back and forth?
I ask for my fiancé who’s going though something a little similar.
jeff666 said:
Good news on the business front OP,
Can I ask weather or not you inherited any of your Fathers estate ?
erm, nope not a penny. I have given up on any of it altho i was told by my dad many years ago when he bought my Tuscan for me that it would come out of my inheritance. one for the lawyers in a few years i guess. Can I ask weather or not you inherited any of your Fathers estate ?
Steve57 said:
The 30k, should hopefully be the final bill all told over the whole period of 4 years. 
The accountant is still onboard at the minute, But i very much sense that once everything is done we will move.
Family member going through a probate / estate situ; six months in... the bill is already over 20k! So sounds like you have had a bargain. The accountant is still onboard at the minute, But i very much sense that once everything is done we will move.
I just can't understand why anyone with anything other then dead straightforward affairs wouldn't do a Will.
A mate of ours literally lost the family farm when his Dad died, his Mum remarried and then sold it. And same happened to a colleague and his Dad's successful commercial decorating business.
Maybe it's something that only happens when people get very old (like 80+) but two elderly people we know with slightly complicated affairs are for ever messing around with their Wills. They seem very malleable too - it feels wrong to get involved, but other people will be "guiding" them and if it's important to you then you need to do something. It's too late one they croak.
A mate of ours literally lost the family farm when his Dad died, his Mum remarried and then sold it. And same happened to a colleague and his Dad's successful commercial decorating business.
Maybe it's something that only happens when people get very old (like 80+) but two elderly people we know with slightly complicated affairs are for ever messing around with their Wills. They seem very malleable too - it feels wrong to get involved, but other people will be "guiding" them and if it's important to you then you need to do something. It's too late one they croak.
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