Q: In the event a business owner suddenly dies, how do you close the business down with no will?
My cousin died recently and owned a failing business that the next of kin do not want to continue. The next of kin all live in korea (Mom, Dad, Sister). The accountant of the business is saying our family (his aunt, uncle) has to pay for the businesses taxes. What do we do? He left no will and his family wants nothing
A: Talk to an attorney about obtaining disclaimers from the nearest next of kin. That would then leave the estate to the next nearest next of kin, according to the laws of intestate succession. If the next nearest next of kin are in country and are interested in continuing or selling the business, then it will make it worthwhile to probate your cousin's estate.
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