Legal Question in Wills and Trusts in Ohio
ownership in a company
My mother passed away and she is 50% owner of a company with my father. In addition they own a house with a mortgage. What happens to the company and the house. Will these assest be used for her large credit card dept?
1 Answer from Attorneys
Re: ownership in a company
It all depends on how the assets are owned. If the house is joint with right of survivorship with your father it should pass directly to your father and would not be subject to her credit card debts. You need to look at the deed and make sure it has the words "joint with right of survivorship". If the house was just in both of their names without the survivorship language then it would have to go through probate and would be subject to the credit card debt.
With regard to the company you did not specify how it was set up. Is it a corporation or limited liabiltiy company. You would then have to look at the organizational documents to see what happens to your mother's ownership interest when she passes away.
If she had a large credit card debt I would suggest that you consult with an attorney as soon as possible.
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