[WSBARP] Corporate assets and probate

[Heather Kolbly]

Hi All,

 

I am handling a probate where there are corporate assets held by Decedent, and I could use some guidance on how to handle those in the probate of D’s estate.  I know corporate assets typically pass outside of probate, but my questions are:

 

1.       If the corporate formation documents are silent as to what happens when a shareholder dies, do the corporate assets held by D then simply pass to her beneficiary named in her Will (in this case, there is just 1 beneficiary – D’s son).  There are 3 corporations here (2 in WA and 1 in OR); in a WA one, D was sole owner/shareholder, in the other two (WA and OR) she was part owner with 2-4 other people.  

 

2.       Whether the corporate formation documents do or don’t state a procedure for what happens to assets when a shareholder dies, do those assets still get reported to the court in the probate process?

 

3.       There is an ancillary probate in OR in this case for other OR assets (real property), and the OR attorney handling that said that the OR corporation should pass through the WA probate.

 

= I am confused.

 

I appreciate any help you can offer!

 

Heather Kolbly

 

 

Heather Tobin Kolbly

Mobile Attorney 

KOLBLY LAW FIRM, P.C.

Mail:  704 228th Ave. NE #122, Sammamish, WA  98074

Office:  (425) 522-4234 s Cell:  (425) 444-1888 

 <mailto:Heather at KolblyLaw.com> Heather at KolblyLaw.com

 <http://www.kolblylaw.com/> www.KolblyLaw.com

                           

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