Q: Father past. Mother alive. There's five siblings. Property in an incorporation. After Mother passes who keeps property?
My parents have a property in Puerto Rico. There's five siblings. Father past away Mother is still alive, who's it belong to? The property is also in an incorporation. One sibling is president in the corporation, my Mother is vise-president and I'm secretary. Should this sibling pass away who takes over the incorporation?
A: The property will still belong to the corporation. As a rule, when a stockholder dies, his/her shares pass on to his/her heirs, unless an existing stockholders' agreement signed by them state otherwise.
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