Secure business materials
Handling business affairs for a deceased person can be relatively complex, administratively, and legally.
This is because any change to a business owned or operated by a deceased person will be governed by the legal documents they and their business associates had drafted.
Therefore, it's best to speak with the business attorney or financial professional who had worked with the deceased and their business partners. They will know how best to manage next steps.
Good to Know
Speaking with them, rather than a new legal counsel, or a financial consultant may be less complicated and less expensive than hiring someone new because someone new would not be as familiar with the inner workings of the business.
Providers
However, if you need a second opinion, or additional help, speak with a Probate Attorney or Business Attorney. Find those near you at the links below.
Personal Considerations
Did the deceased own or operate a business?
Contact business partners, key staff members, and any relevant business associates to notify them about the death and ask about additional employee, client, or vendor notifications that might be needed.
Additionally, speak with them about:
- Any landlords or commercial real estate managers who should also be notified about the death
- Announcements of the death on the business website or social media accounts
- Utilities or auto-payments
- Lease or mortgage
- Keys and codes
- Financial records and credit cards
- Insurance policies
Business partners, or the company's legal representation will likely have documents that determine what happens in the event an owner exits the business. Examples include, but are not limited to a buy-sell agreement, or the triggering of insurance policy benefits.
Good to Know
Depending upon the circumstances of the business' arrangements, you may be able to secure the deceased's valuables left at the business, but it's best to speak with an attorney before removing any property.
Make an inventory of physical property (owned or leased), intellectual property, furniture, and any other assets owned by the company, as well as any valuables the deceased may have left at the business.
Additionally, look for important business documents in the deceased's home, or home office, that may provide instructions on next steps.
Providers
Regardless of whether you can find this paperwork, it's best to speak with a Probate Attorney or Business Attorney to help navigate the situation. Find attorneys near you at the links below.
Continue to ensure that all other property and valuables are safe and secure.
Contact business partners, key staff members, and any relevant business associates to notify them about the death and ask about additional employee, client, or vendor notifications that might be needed.
Additionally, speak with them about:
- Any landlords or commercial real estate managers who should also be notified about the death
- Announcements of the death on the business website or social media accounts
- Utilities or auto-payments
- Lease or mortgage
- Keys and codes
- Financial records and credit cards
- Insurance policies
Business partners, or the company's legal representation will likely have documents that determine what happens in the event an owner exits the business. Examples include, but are not limited to a buy-sell agreement, or the triggering of insurance policy benefits.
Good to Know
Depending upon the circumstances of the business' arrangements, you may be able to secure the deceased's valuables left at the business, but it's best to speak with an attorney before removing any property.
Make an inventory of physical property (owned or leased), intellectual property, furniture, and any other assets owned by the company, as well as any valuables the deceased may have left at the business.
Additionally, look for important business documents in the deceased's home, or home office, that may provide instructions on next steps.
Providers
Regardless of whether you can find this paperwork, it's best to speak with a Probate Attorney or Business Attorney to help navigate the situation. Find attorneys near you at the links below.
Continue to ensure that all other property and valuables are safe and secure.
Providers to Contact
Probate Attorneys Near You
Probate attorneys can assist with the management, transition, or closing of deceased person's business. They help settle a deceased person’s estate.
Business Attorneys Near You
A Business Attorney advises business clients on their rights and duties under the law. They can help you manage, transition, or close the deceased’s business while complying with all relevant laws and regulations.
