50/50 Partnership Please Help

[Joseph1990]

Hello everyone.So here is the situation my grandfather is in a partnership agreement with his brother they both own 50% of the property and business my grandfather had his trust made out his half is going to the family does that mean we will inherit the partnership or will it dissolve after he passes it states in the partnership .[ Death of a partner] on the death of a partner the surviving partner shall have the option to purchase the deceased partners interest at fair market value, sell the property or carry out the remaining terms of this agreement and then sail said property.The deceased partners estate or heirs shall not be involved in the management of said partnership business.So what does this mean are we screwed when my grandfather passes or can he change the partnership agreement to say we will inherit the partnership
.I would love to keep the business running and continue on the same way he has.


Thank you

 

[army judge]

Hello everyone.So here is the situation my grandfather is in a partnership agreement with his brother they both own 50% of the property and business my grandfather had his trust made out his half is going to the family does that mean we will inherit the partnership or will it dissolve after he passes it states in the partnership .[ Death of a partner] on the death of a partner the surviving partner shall have the option to purchase the deceased partners interest at fair market value, sell the property or carry out the remaining terms of this agreement and then sail said property.The deceased partners estate or heirs shall not be involved in the management of said partnership business.So what does this mean are we screwed when my grandfather passes or can he change the partnership agreement to say we will inherit the partnership
.I would love to keep the business running and continue on the same way he has.


Thank you

First of all, you could very well die before your grandfather, the business could go bankrupt, or your grandfather and your uncle could dissolve the business before either of them dies.

Bottom line, until and unless you collect, no need to count chickens before the eggs have hatched.

If you're curious, you can see if grandfather will give you all the documents (partnership agreement and trust documents), and allow you to consult with yoru attorney.

To offer you a solid answer, one would need to read everything before saying anything.
Hence, my suggestion you consult with your attorney, and grandfather's attorney.
You really don't want to ever post anything that personal on the internet either.

Good luck, and let's hope grandfather is around many, many more decades.