My mom owned a condo that she used for rentals. She had incorporated and the paperwork I got from the Secretary of State shows that she and my sister signed as "incorporator". My sister was listed as the registered agent. It authorized 10,000 shares to be distributed, but my sister said they never wrote anything concerning the share split. I read here that shares need to be distributed in direct proportion to investment, which my sister had none, Mom paid cash for the condo.
My sister is the executor of the will and also a realtor. She sold the condo within a month a very low price. This was back in June, we still haven't settled the estate, as mom's house still hasn't sold. We turned in the paperwork for the will, but my sister says we're not running all the assets through probate. She has just informed us that she took 50% of the condo sale money, and left the rest in the estate. The will says that 3 sisters split the assets of the estate.
I'll also throw in that she immediately sold mom's car for about $3,000 under market value to her husband's business partner (auto body shop), who, in turn, sold the car right away for a healthy profit, I'm sure.
Does my sister really own 50% of the condo by signing as an incorporator? What I've read says that is only for getting the business started and then all responsibilities cease. Mom always said she put the condo in a corp. for tax purposes, I think my sister talked her into it and she didn't really know what she was doing.....
Help please.....
Jeanne
My sister is the executor of the will and also a realtor. She sold the condo within a month a very low price. This was back in June, we still haven't settled the estate, as mom's house still hasn't sold. We turned in the paperwork for the will, but my sister says we're not running all the assets through probate. She has just informed us that she took 50% of the condo sale money, and left the rest in the estate. The will says that 3 sisters split the assets of the estate.
I'll also throw in that she immediately sold mom's car for about $3,000 under market value to her husband's business partner (auto body shop), who, in turn, sold the car right away for a healthy profit, I'm sure.
Does my sister really own 50% of the condo by signing as an incorporator? What I've read says that is only for getting the business started and then all responsibilities cease. Mom always said she put the condo in a corp. for tax purposes, I think my sister talked her into it and she didn't really know what she was doing.....
Help please.....
Jeanne
