Death is a common trigger of an involuntary transfer. Without a trigger, a person’s death does not sever their interest in the business. The heirs of an owner that is a person will be identified by his or her will or by the statute. Such heirs will take over ownership of his or her shares and become your partners. Click here to watch our bite-sized bits of knowledge video series on estate planning (and probate) to learn more about that. From our experience, you want to avoid having third parties who are not interested, qualified or desirable to be your partners. In lieu of this result, you will often see a buy-sell provision which is usually funded with life insurance to ensure that the deceased partner’s estate/trust receives fair consideration in exchange for its shares.
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