QUESTION
After her passing, what happens to all of the remaining inventory?
Asked on Sep 15th, 2016 on Estate Planning - Illinois
More details to this question:
My mother-in-law, who passed away this year and her best friend were involved in a vintage jewelry and handbag business which they incorporated. Does all or part go to her estate or to her friend who is the sole shareholder of the business? There is no mention of business assets in her will.
1 ANSWER
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Your mother-in-law's interest in the business is an asset and part of her estate in one form or another. The type of entity will determine the nature and value of the asset. Was it a partnership or a corporation? You should consult with an attorney to review the business entity and the nature of the ownership interest.
Answered on Oct 06th, 2016 at 6:15 PM