How is a deceased partner’s share of a business divided?
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How is a deceased partner’s share of a business divided?
My stepdad and his brother have a partnership and own a dairy farm. My mom and stepdad want to get a Will done soon. If my stepdad and mom were to get a Will and leave the dairy farm to me but my stepdad’s brother never made a Will, would I get the whole farm when they all pass away?
Asked on October 6, 2012 under Estate Planning, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under the laws of all states in this country a partnership interest in a venture can be sold or gifted by way of a Will or trust unless there is a partnership agreement allowing one partner upon the death of the other to purchase the ownership interest of the decedent.
If your stepfather left you his interest in the dairy, you only get what is given to you and would not get the whole farm unless the brother sells or gives his interest in the property to you upon his passing.
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