Q: partner dies, what is needed on paper work so that the children don't keep getting any portion of the business.
When does his partnership end?
A:
If your partner has passed away, I am sorry to the hear that. I am not able to tell by your question, therefore I will provide you with two answers.
1. If your partner has died, and you have not met with an attorney or made an legally enforceable plan prior to his death for such an event, your partners portion of the business will go to probate court and be included as a part of your partner's estate. This may mean that his beneficiaries will own his portion of the business. In order to determine what options you have, you will need to meet with a business lawyer to review all your current legal documentation. Meet with a business lawyer as soon as possible.
2. If your partner is still living, and you are working on creating a plan to ensure your partner's children do not get any portion of the business, this is possible. It will require certain legal steps and documentation to ensure this plan is legally enforceable.
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