Q: Dad died with a will referencing a trust document. Found several drafts on his computer but nothing signed.
The drafts are AB Living Trust. Nothing is titled in the trust name, however a large investment account and a million dollar home are titled in an LLC in which he and Mom are the only members. They have not conducted any true business from that LLC. The drafts say that all joint and separately owned assets are part of the trust. Without any valid trust document can Mom just dissolve the LLC and put all the assets in her own name? She already created her own separate will with beneficiaries spelled out.
A:
His share in the LLC would be part of his estate. It isn't clear if the will leaves everything to an apparently non-existent trust, but if so, the will would probably fail, and his estate would be intestate.
No, she can't just put the assets in her name; his share of the LLC would go through his estate (unless Florida Statute 735.301 Disposition without administration applies).
Your mother will need an attorney to see if probate is necessary and, of so, to represent the estate.
A:
The will may create a testamentary trust by virtue of the language contained in it. It would be best to have an attorney review the will before moving forward. Consultations are free. The trust drafts will not be enforceable unless you can find a copy signed by your father placing the property (corpus) into the trust.
Your father's shares/membership units in the LLC will pass according to his will unless the LLC operating agreement has language denoting how shares/membership units are handled in the event of the death of one of the LLC members. It is important to have an attorney review the LLC operating agreement as well.
Last, your mother cannot transfer anything to her name without first probating the will. You can legally prevent premature transfer with an injunction.
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