[WSBARP] Corporate assets and probate

[Roger Hawkes]

Heather: the D’s assets are the shares of the corporation owned by D.  they may be valued by the assets that are owned by the corporation; but the probate assets are the shares.  Just like when you die owning shares of Microsoft.

Roger Hawkes, WSBA # 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com<http://www.hawkeslawfirm.com>
206 367 5000
Fax is 206 367 4005

From: Heather Kolbly [mailto:heather at kolblylaw.com]
Sent: Monday, January 12, 2015 8:20 AM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Corporate assets and probate

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 • Cell:  (425) 444-1888
Heather at KolblyLaw.com<mailto:Heather at KolblyLaw.com>
www.KolblyLaw.com<http://www.kolblylaw.com/>

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