Let’s look at the example of a business with two owners: you and Bill.
You’re both engineers and have been in business together for ten years. The business is worth about $900,000.
The business runs through a company and you each have one share in the company.
You’re both married with children and mortgages, and your spouses aren’t involved in running the business.
Your will says that you leave all of your assets to your spouse.
So, if you were to die, your share in the business would pass to your spouse.