If an account is designated as Sole Proprietor, what happens to the assets when the account owners passes?

Angela Rodriguez

Updated June 21, 2023 19:23

If the business is a sole proprietorship, it ceases to operate upon the owner's death. Its assets and debts become part of the owner's holdings, and the estate is distributed according to the terms of the will or under the rules of intestacy. If the business owners wants their child to have access to their business, then they should contact an attorney that handles estates to ensure their will is updated accordingly.

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