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For some wills, all you need to do is name how many or how many percent of the shares and to whom these shares are to go. But make sure it matches the partnership agreement, anyway.
The partner agreement, however, is something which you definitely should use a lawyer on. They aren’t required to, but they’ll joyfully check that everything is properly and legally covered.
Just a point of note, when there is a partner involved, and the shares are to bequeath to some one named in the will, may cause major issues in the partnership/business, especially if it is a small business, and you tend to have partners who are responsible for certain services the business offers as a responsibility to the shares. The receiver of the shares, may not have the skills to perform and may affect the viability of the business. Another issue may be that the receiver of the shares may not be compatible to the remaining partners causing a major rift in the business operations.
My suggestion is that an agreement is made between the partners that a life policy is raised on the life of the share holder to the value of the shares. Then upon death, the shares are immediately transferred to the remaining shareholders using the policy money, which in turn is passed on to the deceased estate. An agreement to the life policy premiums must also be raised as the value of the premium may not be the same for all partners and either handled through the company or drawings.
Just remember that a minimum yearly the value of the shares be adjudicated, and the life policy pay out value is adjusted accordingly.
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As for the second question, while an attorney can help make sure the agreement is solid, it’s not the only way. Some people use templates or online services, but working with a lawyer can give peace of mind and help avoid mistakes.
You need to be careful as to you gets paid out and stipulate it in the policy.
Know of a case where a partner passed away , insurance paid out to the 2nd partner and he kept the money and told the family they could have the business - Was during/just after Covid when businesses where going down the tubes
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