Can I find out if my late wife owned shares in a family business?

Full question:

my wife died 4 yrs. ago without a will I gave her father power of attorney to settle the estate as I was unable to be in town to settle estate It was my understanding that she owned a third of a family business there was never any mention of this in the probate papers I signed off on her father is in possession of some of my,undeniable, property and is withholding it subject to her sons wishes ? do I have any way of finding out if she did in fact own a third and if he transferred her shares back to the sub-s corp. without my knowledge and would thst be legal in illinois value of business was approx. 2 million, also if he did is there any way of re-opening the probate. thank youhal

• Category: Wills and Estates
• Subcategory: Will Contests
• Date: 04/07/2025
• State: Illinois

Answer:

The situation involves several legal aspects. In Illinois, claims against an estate typically must be filed within six months after the estate is opened. However, if fraud is involved, this period may be extended.

Fiduciaries, like your wife's father, have two main duties: loyalty and care. The duty of loyalty means they must act in the best interest of their clients, avoiding conflicts of interest. The duty of care requires them to perform their duties competently and thoroughly.

To prove a breach of fiduciary duty, you must show that:

1. You trusted the fiduciary, who accepted that responsibility.
2. The fiduciary violated their duties to you.
3. You suffered damages as a result.

Defenses against a breach of fiduciary duty claim may include:

1. Expiration of the statute of limitations for filing.
2. Lack of a fiduciary relationship.
3. Lack of standing to sue.
4. Approval of actions after full disclosure.
5. Business judgment rule, which protects actions taken in good faith for the corporation's benefit.

Consulting a local attorney is advisable to review your specific facts and documents.