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Passing a partnership share on death

Unless there is a partnership agreement which stipulates to the contrary, the partnership will dissolve on the death of a partner.

The partnership agreement should set out what happens on the death of a partner, how the partnership share should be valued and ideally give the possibility for the payment to be made in instalments, so that the remaining partners can be given time to pay.

Sometimes in professional partnerships the accounts are not made available to the executors, nor the details of how the share is valued. It can then be hard for the executors to be sure that the beneficiaries have been treated properly.

Sole director/shareholder problems
An estate with an ongoing business