Indianapolis, IN asked in Estate Planning for Indiana

Q: I own a business that is in an LLC. My will says it goes to my kids. I'm thinking about setting up a living trust so

It will go to my kids without going through probate. Is that the only way to do it?

Related Topics:
1 Lawyer Answer
Michael Ray Smith
PREMIUM
Michael Ray Smith
Answered
  • Estate Planning Lawyer
  • Indianapolis, IN
  • Licensed in Indiana

A: A living trust can be a good way to leave your business to your children, but it's not the only way. Another very good way to do it is to designate your LLC interest as transfer on death (TOD) property with your children as benefiaries.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.