Q: In Tennessee, if a business partner dies, does the heir take over the deceased half of the business? (No will involved)
My father passed in Feb 2023 and I haven't gotten into the business part of my fathers stuff yet bc my mother passed as well this year. I am sole heir to everything in this family. My mother was 1/4 partner as well, but never kept up with the business side of things, the men did. Before she passed, the other business partner, never paid her anything and even cut off her insurance from the company which was very odd. I have reason to believe he is still writing huge checks out of this business without restraint or care of repercussion. When I begin probate and discovery, will I find that I am business partner? My father assigned me as POA and beneficiary to everything before he passed; my mother, just POA. There is no written Will at all from my mom or dad, just POA and sole heir. What do I do from a standpoint of the business? Hire a probate attorney and see what is discovered?
A: As administrator you will want to dissolve the Partnership. The assets may not be collectable but you can pursue dissolution. You will need a competent attorney and expect to pay alot. The Partnership interest is personal property and goes to the next of kin which is almost always also the heirs. You apparently do not know much about the business, so start investigating it and the Partners now.
Nina Whitehurst agrees with this answer
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