A business normally has two or more shareholders, Key individuals without whom you cannot function properly and contingent liabilities. Should one of the shareholders pass away the shareholding normally is part of the estate where all assets may be bequeathed to a surviving spouse who then becomes the new shareholder in place of the shareholder who passed on. This is not the ideal situation and can be avoided by Business Assurance and a Buy and Sell agreement where the surviving spouse is provided for but the surviving shareholder gets takes over the shareholder of the shareholder who passed away. A similar situation might occur when a Key person passes away and funds can be made available to replace that person or a Contingent liability (for example a floor plan or long-term rental agreement) that needs to be paid in the event of the death of a business owner.