An unsigned will created by a well-known real estate developer has led to controversy in regards to a large sum of money. The deceased developer’s sons are filing a lawsuit against the company that he founded, Faison Enterprises.
p>Although a will created in 2000 leaves a large portion of his almost $200 million in assets to his commercial real estate development company, the real estate developer had begun working on a new will to alter that plan in 2012. Under the terms of the new will, the bulk of the developer’s estate would be used to start a charitable foundation to promote politically conservative causes. According to reports, the creation of the foundation would also save the estate more than $100 million in taxes.
Because the deceased real estate developer did not sign a final version of the new will before his death, the document may not be valid. North Carolina law typically requires a non-handwritten will to be signed before two witnesses before it becomes valid. Faison Enterprises released a statement saying that it believes the previous will that was signed in 2000 should be viewed as the valid will, but the company has yet to make a full response to the lawsuit.
Those who are considering settling a business dispute in court may need professional help to prepare their case. Attorneys working in the area of business and commercial law may be able to help their business clients navigate the legal process and work towards a solution that protects their company’s interests.
Source: newsobserver.com, “Family of NC developer sues company over assets”, October 22, 2013