Question of the Week

Question: We have an account for a sole proprietor that has recently died. Who do the assets go to since it is a business?

Answer: Sole proprietorship accounts are considered assets of the sole proprietor as an individual and are disposed in the same fashion as any single person account. A person with the proper authority to administer the proprietor’s estate would need to produce documentation (such as letters testamentary, letters of administration, or similar).