After her passing, what happens to all of the remaining inventory? 1 Answers as of October 06, 2016

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.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Ashcraft & Ashcraft, Ltd.
Ashcraft & Ashcraft, Ltd. | Randall C. Romei
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.
Answer Applies to: Illinois
Replied: 10/6/2016
Click to View More Answers: