Q: idaho trust, land and LLC and deceased
A trust was formed and land was put into it.
After this the land was placed in an LLC in 2011, but the Named owner of the LLC is a person (the grantor of the trust), not the trust. In other words the trust does not mention the LLC and the LLC does not mention the trust.
The grantor has passed away. We don’t know if the title has a transfer on death or if the LLC has a benificary clause.
So if neither of the above conditions exist does this mean the LLC has to be probated?
The trust has 4 benificaries equal share. We have not seen the LLC papers. What should we expect to happen?
If the LLC is not included in the Trust do the trustees of the trust have control of the LLC. Who is in control of the LLC on the owners death?
A: If you can show that the LLC membership interests are owned by the trust, then you would need the trust instrument in order to properly administer it.
If the LLC membership interest is owned by the decedent, then the first place to look is the LLC operating agreement or perhaps a membership agreement but if you have neither then you will need to probate the LLC membership interest owned by the decedent.
As far as who is in control of the LLC upon the owner's death, it depends a lot on whether the decedent was the sole owner or there were other owners. If he was the sole owner, then nobody is in control until that membership interest is probated. If there are other members, then it depends on the terms of the operating agreement.
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