Rights of heirs

The Share of the partner devolves on the legal heirs who can apply to get their share culled out, and they do not automatically become partners. 

If any partner is dead, automatically partnership deep gets cancelled. and if existing partners to be continued, they have to make a fresh partnership deed.

Thanks very much.Is there any time frame in which they have to make new partnership deed.What about the share of the deseased partner,is the legal heirs have right on it especially when the value as per the balance sheet is not very high but  immovoable property of the firm which  is taken on rent and the value of the same is  very high, can  the legal heir ask to take that into account while deciding the share of deseased partner.

Dear Sir,

When the existing deed is cancelled such heirs settlement etc., would be settled as per existing deed prescripttion.

And further, new  partnership deed  will be in existence with remaining partners or heirs of deceased partners.  Being a legal heir you are having legal right for the share as per old partnership deed clauses.

Regards,

MSR.Murty 

Sir, Thanks for the reply.But the problem is the partnership deed is silent about this it doesnot not mention any particular procedure which I suppose is due to the fact that it was a family business and the deed was for name sake only.

URGENT

Sir is the legal heir of deceased partner liable to pay for the debts or the existing partners would be liable to pay for it?