Business Owner Death and Complex Estates
What if the business has significant debt?
Short answer
Business creditors may file claims against the estate. If the deceased personally guaranteed business loans, those guarantees become estate obligations. A business attorney and a probate attorney both need to be involved. Do not make distributions to heirs before business obligations are…
What this usually means
Business creditors may file claims against the estate. If the deceased personally guaranteed business loans, those guarantees become estate obligations. A business attorney and a probate attorney both need to be involved. Do not make distributions to heirs before business obligations are resolved.
What to do next
- Start the PathAfter checklist for situation-aware first steps.
- Find California county help for coroner contacts, vital records, cost tools, and paperwork.
- Open the First 72 Hours Call Log before making calls.
- Open the Documents to Find Checklist when you are ready for paperwork.