If a 100% owner of a business dies, what happens to it in probate?
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If a 100% owner of a business dies, what happens to it in probate?
My father passed away a few weeks ago. His wife (my stepmother) was made executor of the estate. He also owned a business that is incorporated; he owned 100% of the shares in the company. It is a very small company with 1 or 2 employees. His wife has just assigned herself as the president of the company. My brother and I want to be apart of this business and continue it. What will happen to the business assets in probate?
Asked on October 2, 2014 under Estate Planning, Mississippi
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
The business is like any other asset of your father's: it will pass or be distributed according to the terms of his will, or, if there is no will, according to instestate succession (the rules for what happens if there is no will). If there is a will, which there hopefully was, look to its terms to see who inherits the business (more than one person could; e.g. if left to his children, you and your brother would each become 50% owners).
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