What to do if my fiancé passed away last month without a Will?

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What to do if my fiancé passed away last month without a Will?

She owned a donut shop, although she leased the building. She has 3 children, ages 20, 17 and 12. Since her passing, we have since closed the business and all of the equipment is in storage. Can the equipment be sold before the oldest turns 21? I am under the impression that her creditors cannot pursue her children, as they are minors. The profits from such a sale would be equally divided amongst the three children for their futures.

Asked on August 15, 2013 under Estate Planning, Mississippi

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I am so sorry for your loss.  If the business and the assets are in her name then you need to open a probate proceeding in order to transfer any of her assets (selling is transferring).  You would have to give notice to the creditors.  It is all very complicated and you need legal help from some one that is in the area who can take a look at all the documents in question.  Good luck.


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