Fast and Furious Litigation

The Estate of Paul Walker is currently involved in a court proceeding to recover property (various exotic cars) from his business partner’s estate, which they claim belonged to Mr. Walker individually and should therefore be a part of his estate.  His partner was driving the vehicle in the crash that took both of their lives.

The two men were partners in a car shop and in a non-profit organization.  One lesson we can all learn from this tragedy is the importance of differentiating business and individual property.  If the cars were owned by a business, then they would not be a part of anyone’s estate, but rather an asset on the books of the business.  The business entity itself would be the asset that is included in the estate.  Second, it is always important for business owners to clarify their relationship in writing and to address what happens to their respective business interests in the event of death.

For more information, see:

http://www.msn.com/en-us/movies/news/paul-walker-family-demands-nearly-dollar2-million-from-crash-drivers-heirs/ar-BBhmkVG?ocid=mailsignout

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