Legal Question in Business Law in Florida

There are many different ways to structure this provision. It's an option, but generally, rather than having the surviving spouse become a shareholder, most times the remaining shareholders prefer to purchase the decedent's shares. The trick is to structure an agreement in advance, where all parties are available to discuss and negotiate the specifics of the purchase of shares of any shareholder upon death. There are ways to soften the sudden burden, such as incorporating promissory notes and extended-term payments to the surviving spouse over a period of time so the company and its remaining shareholders aren't strapped with an unplanned financial responsibility upon the death of a shareholder. Depending on the value of the shares, sometimes the company might also purchase a life insurance policy to cover funding these situations.