Contract for phone (not service)

[SylviaCaras]

There's $300 owing on a phone (Samsung S9).  The phone owner has died.  Does that death void the contract?  If yes, does the phone have to be returned to Verizon?

It seems to be worth $200 towards a newer phone.

I'm actually planning to keep the phone,  transfer it to another account.

Curious about my options.