QUESTION
What is the chance of the children to inherit the corporation even without a Will?
Asked on Feb 17th, 2014 on Estate Planning - Idaho
More details to this question:
My father was 100% owner of a small corporation. His wife was listed as an officer. Do his children inherit the corporation even though he left no will?
12 ANSWERS
2 Awards
It depends on how long they were married and when the corporation.
Answered on Feb 28th, 2014 at 6:45 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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If wife is not the mother of his children, then the result with no will (Oregon answer) is that wife inherits half, and children inherit half. Someone will have to administer his estate. An agreement will have to be arrived at concerning the operation of the business while the estate is being administered. You may want to make a deal concerning the ownership of the corporation; maybe wife wants it all, and will trade other estate assets, or vice versa. Negotiate! If you fall to fighting, the value of the estate is going to be consumed and everyone will lose.
Answered on Feb 28th, 2014 at 4:44 PM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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It depends on who owns the stock. If the shares are jointly held with the wife, the kids are out of luck. If the shares were in your father's name alone, then probate would be necessary. In the absence of a Will, the wife would get roughly the first $200k of the estate and 1/2 of the rest. The kids would get the remaining 1/2 after deducting the above amounts.
Answered on Feb 28th, 2014 at 4:44 PM
You will need to look at the Articles of Incorporation to answer the question fully. Generally, without a will his property will be split between his wife and his children.
Answered on Feb 28th, 2014 at 4:43 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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The assets of the father will be subject to a claim of mother for her community property interest, and the other half will be split between the mother and the children.
Answered on Feb 28th, 2014 at 4:43 PM
3 Awards
Hard to say without more facts. When was business acquired? Is it a community property asset or separate property? I suggest that you meet with an attorney to address the specifics. Best of luck to you.
Answered on Feb 28th, 2014 at 4:43 PM
Edwin K. Niles
Community property goes to wife. Separate property goes one third to wife and two thirds to kids. Community property: All property in California acquired during marriage except by way of gift , inheritance, etc.
Answered on Feb 28th, 2014 at 4:43 PM
Check the intestacy laws of the state he resided in. Many states split the estate between the surviving spouse and adult children.
Answered on Feb 28th, 2014 at 4:42 PM
Commercial Attorney serving Chicago, IL
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Ashcraft & Ashcraft, Ltd.
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If there is no will the assets owned by the decedent at death, and which do not pass outside of probate, are distributed in accord with the statute on descent and distribution. If the wife is alive at the decedent's death then the Wife takes half of the estate and the children born to or adopted by the decedent share half of the estate. The share of any deceased child would be divided among the decedents of the deceased child. This means the Wife would own half of the shares and the children would equally dived the other half between themselves. If the father owned the shares as joint tenants with the Wife then the shares would pass directly to the wife outside of the estate.
Answered on Feb 28th, 2014 at 4:41 PM
Thomas Edward Gates
It depends on which state you live in. In Washington, when one dies without a will, they die intestate. Statutes directs that the estate of the deceased spouse goes to the surviving spouse.
Answered on Feb 28th, 2014 at 4:41 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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In what state? Is his "his wife" your mother? Hire a lawyer, provide the facts, and get an opinion which you can reasonably rely upon.
Answered on Feb 28th, 2014 at 4:41 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Generally wife first, then children. You need to talk to a local attorney to figure out the rules in your state.
Answered on Feb 28th, 2014 at 4:35 PM