Q: Property's owned by 3member LLC. Upon death of a member, does his spouse have a say or its just other members?
The property is owned by a three member LLC with 5%, 15%, and 85% distribution. Upon death of the member with 5%, what happens to the property? Does his wife have a say in what happens with the property? Does she get any benefits from the property? Can she make decisions on the property? If the surviving members sell the property - does the wife of a dead member get a share? This is all considering the operating agreement did not discuss death circumstances.
A: Depends on the operating agreement. If truly silent, the shares pass to the estate.
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