Raleigh, NC asked in Estate Planning for Michigan

Q: If someone is in business with his brother and one of them die does that person share goes to his wife automatic?

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1 Lawyer Answer
Kenneth V Zichi
Kenneth V Zichi
  • Estate Planning Lawyer
  • Fowlerville, MI
  • Licensed in Michigan

A: This depends a lot on the estate plans put in place and whether or not there is a buy-sell agreement or other 'key personnel' provisions in that business.

You NEED to take all the relevant documents to a local attorney ASAP to review and give you actual legal advice. The answer COULD be 'yes it automatically goes to a surviving spouse' 'some of it may go to the surviving spouse' or 'none of it goes to the spouse' depending on how the plans were organized. If there IS NOT PLAN, then the state laws of intestacy take over and that varies from state to state.

Again, seek local legal representation -- it may be a bit late at this point if someone has died, but it is important to get real advice. If this is a 'what if' question, it is a great opportunity to do some planning to avoid problems when something does happen!

-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.

I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice

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