Probate when there is a partnership dispute

[Fernackapan]

Partnership dispute and probate

What happens in a long drawn out partnership legal battle if one of the partners dies before matters are settled? All three partners are in their 80s and 90s so the chances are it will be inevitable if the case continues to drag on without resolution. They do have a partnership agreement which says:

“the surviving or continuing Partner or Partners (being the partner or Partners receiving notice or serving notice of termination) (herein after called “the Purchaser”) shall be entitled to purchase the share of the outgoing partner in the assets of the Partnership business in accordance with the provisions of the Schedule hereto and shall be entitled to continue to carry on the Partnership business as sole proprietor or joint proprietors”

Does this mean:
1 Probate is not needed?
2. The partnership is automatically dissolved?

[Sam101]

Probate deals with the estate of the one who dies. Hopefully they have made Wills, if not it may become more difficult and longer before settled depending on who is appointed to deal with the estate, Either the Executors named in the Will or those who apply for letters of administration.

The Partnership Business agreement is in relation to a business and may differ from what their Wills may say.

The ones who are winning are the lawyers and the longer the battle goes on the larger will be the charges they will have to bare.Should one of the partners die, then the executors will need to be involved in obtaining settlement from the other partners. More work for the lawyers who are happy to allow matters to continue.

[Fernackapan]

Probate deals with the estate of the one who dies. Hopefully they have made Wills, if not it may become more difficult and longer before settled depending on who is appointed to deal with the estate, Either the Executors named in the Will or those who apply for letters of administration.

The Partnership Business agreement is in relation to a business and may differ from what their Wills may say.

The ones who are winning are the lawyers and the longer the battle goes on the larger will be the charges they will have to bare.Should one of the partners die, then the executors will need to be involved in obtaining settlement from the other partners. More work for the lawyers who are hapopy to allow matters to continue.

This is exactly what I am worried about. The dispute has already cost a fortune. Thank you for taking the time to reply.