It is always particularly important to make a will if you are the owner of a business, as shown by a recent dispute in Israel over the estate of one of the richest men in the world – billionaire Yuli Ofer.
Yuli Ofer, who died in 2011 at the age of 87, made his fortune in the shipping, banking and real estate sectors, reports the Jewish Business News. His two children, Leora and Doron, were both involved in his business interests, but after his death a dispute developed over Yuli's 36.7% stake in the private company Ofer Investments.
Leora and Doron already each own a 15% stake in the company and under Yuli's original Will, his share was to be split equally between his two children. However, in a subsequent Will drawn up in 2008, he left his entire share to his daughter Leora, giving her a majority holding in the company.
Doron went to court and, according to the Jewish Business News, the dispute rumbled on in private for two years until December last year, when a Tel Aviv court ruled that the final Will was valid and Leora is entitled to inherit her father's share of the business.
According to press speculation, Doron is likely to appeal against this decision.
Commercially-related inheritance disputes are highly disruptive for the business involved, and require specialist advice. Enlisting the help of an experienced Succession Act lawyer can greatly increase the chances of a claim succeeding.
Contact us
If you are thinking of contesting, making or updating a Will then it is important to seek expert legal advice as quickly as possible. Contact Szabo & Associates Solicitors today and speak with one of our specialist solicitors. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.