How to Distinguish Estate Assets from Corporate Assets in Wyoming

Detailed Answer

When someone dies in Wyoming, you must sort assets into two buckets: those that pass through probate (the decedent’s estate) and those owned by a corporation. A corporation is a separate legal entity under Wyo. Stat. § 17-16-101. Here’s how to tell them apart:

1. Check the Title and Registration Documents
   • Real estate: Examine the deed. If the deed lists the decedent alone or as tenant in common, it is probate property under Wyo. Stat. § 2-6-302. If the deed is in the corporation’s name, it belongs to the corporation.
   • Vehicles: Review the certificate of title. A title in the decedent’s name is estate property. A title in the corporate name stays with the corporation.
2. Review Bank and Investment Account Records
   • Personal accounts in the decedent’s name (alone or payable on death) are probate assets. Accounts titled to the corporation or in a trust pass outside of probate under Wyo. Stat. § 2-6-303.
   • Corporate accounts show the corporation as account holder. Corporate funds cannot be used to settle personal debts or estate expenses.
3. Examine Corporate Records and Books
   • Locate the articles of incorporation, bylaws and minute book. These documents list initial assets contributed to the corporation and any subsequent property transfers.
   • Shareholder ledgers confirm who owned stock. If the decedent owned shares, only those shares (not corporate property) become part of the estate.
4. Identify Formal Ownership Transfers
   • Gifts or sales of personal assets to the corporation should appear in board resolutions or stock subscription agreements.
   • If assets moved from the decedent to the corporation without proper corporate action, corporate veil issues may arise but do not automatically convert estate assets to corporate assets.
5. Consult Wyoming’s Probate and Corporate Statutes
   • Probate property is defined in § 2-6-302. Nonprobate property and the separate entity status of a corporation appear in § 2-6-303 and Title 17, Ch. 16. Understanding these provisions clarifies which assets flow through probate and which remain corporate.

Helpful Hints

• Gather certified copies of deeds, titles and account statements before probate begins.
• Keep corporate and personal finances strictly separate to avoid commingling.
• Use a forensic accountant if asset histories are unclear or intermingled.
• Request corporate bylaws and minutes to verify asset contributions and transfers.
• Check for joint tenancy or beneficiary designations—they bypass probate.
• Seek guidance from a Wyoming probate attorney if you hit complex valuation or title issues.