Questions & Answers
How to transfer the shares of a partner upon his/her death?
Dear sir/madam,
A partner passed away, and he has heirs (one son and two daughters). The son is a partner in the same company, but one of the daughters lives in Canada, and the other lives in the UAE.
The other partners live in the UAE, but one of the other partners is an authorized signatory. How the share of the deceased partner will get distributed to heirs?
And in case the heirs want to waive off their inheritance to another partner, what do they have to do?
Thank you!
Hello,
As per your query, please note that the heirs have to take the succession certificate.
If there is no will, then it will be decided by the court through Sharia law. If the owner is Muslim, then it will be automatically by Sharia law.
If the owner wants to follow the redemption procedure (and sell the share to the existing partner), then also it is possible. However, you have to have the succession certificate and declare the beneficial owner.
