Berkeley, CA asked in Probate, Business Law and Estate Planning for California

Q: my 50 50 partner in a c corp passed away in may with no will. her stock shares are going to probate.

in probate, will they simply give away her shares of stock? or will they also valuate the company and demand a payment be made to the new shareholder? he is not a director, manager or majority shareholder in the company.

1 Lawyer Answer
Bill Sweeney
Bill Sweeney
  • Probate Lawyer
  • San Juan Capistrano, CA
  • Licensed in California

A: If valued over $150,000, the share ownership will likely be probated and the shares will likely be distributed to the intestate heirs. You should retain competent counsel to review your situation, including any agreements between the shareholders regarding death of a shareholder.

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