Can We Leave Corporate Property in a Will?
Full Question:
Answer:
The answer will depend on all the facts involved, such as how the property is titled and any buy-sell agreement of other contract that governs the disposition of the property when a corporate owner is deceased. The corporation, as a separate legal person, does not cease to exist if one or more of its owners dies. Its corporate existence lasts as long as its shareholders decide it should; a corporation's "life' is usually perpetual. Ownership of a corporation can be transferred by sale of all or a portion of the stock.
When a shareholder dies, the issue is one of what to do with the deceased shareholder’s stock which is governed by whether there is a will or a buy sell agreement between the shareholders. If the property is titled to the corporation, it will depend on the agreements in place regarding the deceased business owner's share of the business. We suggest you contact a local attorney who can review all the facts and documents invovled.
