Sole Proprietor and Death

Mstafford823

Expert
22
I'm a Sole Proprietor and I can't get an answer from any of my contracted companies. If I were to die, what happens to my renewals? what if I just get a EIN number and stay as a Sole Proprietor? Any info would be greatly appreciated..:)
 
I know one of my medicare companies will pay the renewals to my beneficiary. As far as I know on p & c and other companies it ends. It was explained to me that sole proprietor is you when you die the business is gone, the licensed agent needed to collect renewals and service policies is gone. I was told EIN makes no difference. I did incorporate when my book got larger, I was worried about that same issue. My attorney said I could leave my book to my beneficiary but it doesn't mean every company would pay, so now I am a corp that will go on without me.
 
You refer to your "contracted companies."

That implies that you have a written contract with them.

What does it say about your book of business in the event of your death? Or about ownership in general?
 
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