Sentences with phrase «surviving owners»

You are a business owner and have questions as to the rights of surviving owners or your ownership share.

-- If the ownership designation clearly stipulates that the form of ownership is joint tenants with right of survivorship, the surviving spouse may continue the contract as sole surviving owner.

If your Collateral Account does not include a right of survivorship and one of you dies, the Collateral Account may, subject to the Bank's right of setoff and security interest, be paid to any survivor or to the personal representative, heirs or successors of the deceased owner even though not the last surviving owner.

In Florida, when a parent passes away owning real estate and they are the only owner or the only surviving owner, the property, whether it is the family home or the family vacation property, becomes part of the deceased parent's probate estate.

-- If the ownership designation clearly stipulates that the form of ownership is joint tenants with right of survivorship, the surviving spouse may continue the contract as sole surviving owner.

This would ensure that if you died prematurely the remaining business owners would have the funds to buy your share at a previously agreed upon price; this arrangement allows the surviving owners to keep the business while your family still gets a payout.

This means that, when one of the joint tenants dies, his ownership interest automatically gets divided between the surviving owners.

That's because the entire ownership transfers to the surviving owner, without having to go through probate, under joint tenancy.

Tenancy in Common: If title to the property is held using this option and one owner dies, that ownership may go to his or her heirs, rather than to the surviving owner (s).

When one owner dies, the surviving owner (s) automatically inherit that share.

It may also help the surviving owners avoid borrowing money or selling assets.

This would ensure that if you died prematurely the remaining business owners would have the funds to buy your share at a previously agreed upon price; this arrangement allows the surviving owners to keep the business while your family still gets a payout.

In this case, if the surviving owner can't qualify for a refinance, they may have to sell the property.

A surviving owner, co-owner, or beneficiary wants to remove the name of a deceased person and have the bond reissued in the survivor's name alone or in the survivor's name with another person as a co-owner or beneficiary.

Kent Animal Shelter also has a Pet Therapy Program and a Retirement Home Program for cats that survive their owners (see our Programs and Services page).

pets that survived their owners and now find themselves without a home that wants to care for them

Assuming that they bought the house together, and are both on the title, your step - father would, as a surviving owner, take sole possession of the house (and it wound not enter your mother's estate).

When one owner dies, their interest automatically passes to the surviving owner, and it can not be willed to someone else.

Why do you say «your step - father would, as a surviving owner, take sole possession of the house (and it wound not enter your mother's estate)»?

It is worth noting that joint assets (e.g. real property owned as joint tenants, joint bank accounts) pass directly to the surviving owner and never become assets of the estate.

An insured cross purchase agreement helps assure that the business is transferred successfully to the surviving owners and that the deceased owner's beneficiaries receive a fair price for their interest.

When an owner dies, the surviving owner uses the death benefit to purchase the deceased owner's share of the business.

This would ensure that if you died prematurely the remaining business owners would have the funds to buy your share at a previously agreed upon price; this arrangement allows the surviving owners to keep the business while your family still gets a payout.

How would the surviving owners pay off the dead owner's family in order to avoid becoming partners with them?

When an owner dies, the surviving owners use the death benefit to purchase the deceased owner's share of the business.

You are also unable to count on getting a loan due to the financial strain it would put on the business or the surviving owner and family.

Since the surviving loved ones are likely to have very little or no desire in becoming a member of the organization, the surviving owners or partners will need to acquire the shares of the business that was transferred to the surviving family member.

The surviving owners agree to purchase that owner's interests in the business.

When any of the owners die, the surviving owner / partners have the death benefit payment at their disposal to buy out the share of the business.

Joint tenants with right of survivorship Each tenant has the right of survivorship, meaning that if one owner dies, that owner's interest in the property will pass to the surviving owner or owners.

In the event of one owner's death, his or her share is automatically transferred to the surviving owner (s); and does not become part of the deceased's estate.