Investor · Clearwater, FL · Member since 2009 · 181 posts · 14 votes
Have an SCorp that I use for real estate projects. Single owner corp, no employees. If something happens to me my wife won't have access to the corp or its assets or bank account. I have a POA that allows her to conduct the business of the corp if I become sick or incapacitated. But for death... would it be acceptable for me to execute a notarized document between us like a "Designation of Successor Shareholder" wherein I declare that in the event of my death that she is deemed the Successor Shareholder of 100% of my SCorp's stock and entitled to all rights and privileges that such a position entails? Will this allow her to access bank account, sell off any assets, dissolve corp, etc?
Unless specified by your will it should pass to your spouse. She will then be able with the death certificate and a copy of the will do as she pleases. make your life easier and list it in the will. talk with a lawyer about the documents needed to have control transfer directly to her seamlessly.
Hi Steven. Thanks for your input. But... I don't have a will and don't want one. A will opens one up to probate. That is why I'm looking for a simple solution like a notarized document stating a successor.