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Peter Griesch
Peter Griesch,
Category: Tax
Satisfied Customers: 324
Experience:  Tax Counsel at AIG, Inc.
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My mother is divorced and unmarried. She is limited partner

Customer Question

Hi,
My mother is divorced and unmarried. She is limited partner in real estate properties. She did not write a will and her children are myself and my sister. In the event of her death, does the limited partnership share gets distributed to me and my sister or does it get distributed to other limited/general partners? Should she write a will?
Thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Peter Griesch replied 1 year ago.

Thank you for your question.

First, yes, your mother should write a will. It makes things much easier when a person does.

That said, if a person dies without a will, that person's property passes to their heirs via the intestate rules. Your mother owns a property interest in a partnership. You will be entitled to that interest or the liquidated value of that interest, depending upon how the partnership agreement is worded. Generally, the partner's interest does not pass to another person, but instead, the partnership pays the next of kin the value of that partnership interest.

I hope this helps.

Expert:  Peter Griesch replied 1 year ago.

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