Q: If a business owner passes away and was married at the time who does the business go to if the is no will ?
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- New Jersey
- (973) 798-6131
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A: This cannot be answered without more facts and without knowing the business and the type of business entity and a review of all business documents, there is no way for a meaningful answer to be provided.
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- New Jersey
- (305) 515-5165
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A: There are two set of rules here. First, the rules of the business entity (operating agreement, bylaws, partnership agreement, etc.), and the Florida Laws. The interest in the business entity sometimes has a transfer on-death provision. If the interest in the business passes to a certain beneficiary on death, then the beneficiary (whether the spouse, children, or business partner) will receive the interest of the decedent. If there is no such stipulation, then the interest in the business will be distributed subject to the laws of intestacy applicable to personal property in Florida. You need to consult with a probate attorney for additional information to determine the potential outcome of this case. Best of luck.
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