Legal Question in Real Estate Law in Pennsylvania

Re: Real Estate

How was the property titled? If the corporation is the legal owner, then the estate of the Vice-President, which succeeds to his interest in the corporation, has to be administered and then his interest in the corporation may be distributed to the heirs.

If there is a shareholders' agreement, it should provide for buy-out or other disposition of either shareholder's interest, and that would govern.

If the title is in the name of the vice-president as an individual, the entire property would be part of his estate. If title is in the name of the both the president and the vice-president as individuals, the deceased's estate would succeed to his personal share of the property, unless there was a co-owners' agreement that spelled out different percentage interests.