Question
The estate of the deceased father was not wound up. The business continued to operate. Now after five years, the heirs want to finalize the distribution of the estate. What is the status of the increase in the assets due to trading with the joint assets of the heirs? How should this matter be resolved.
Answer
Firstly, those who had failed to wind up the estate expeditiously should repent, make Taubah for the extremely grave sin they are guilty of. Procrastinating in winding up the estate is a major sin.
Since the assets of the heirs were employed in the business, they have the right to share in the 'increase' as well. All assets should be treated as part of the estate of the deceased. Once the shares have been paid, the partnership terminates. Then the business will belong to those who operate it.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 27 No 06
- PDF page
- 11
Appears under THE 15th SHA’BAAN (approximate).