Q: I am a beneficiary of an Irrevocable Trust in Missouri and have a question I need help with.
In the Trust document the Grantor lists a real estate property with the title shown under the name of her single owner LLC, with the intention that real estate property, on her death, would be inherited by me and my brother, who is now Successor Trustee. Title was, and to date, has never changed from the LLC ownership. My understanding is upon the Grantor's death the LLC is automatically dissolved. Since the title is still under the name of the LLC how do we proceed? My brother wants to buy out my 50% ownership in the property and keep the property but it seems in order to accomplish that there are steps we need to take so he can ultimately take full title to the property.
If it helps, below is the section in the Trust document being referred to: "Grantor hereby gives and bequeaths the following property: One Hundred Percent (100%) Interest in XXXX LLC, a Missouri limited liability company"
Further down in the document it names me and my brother as sole beneficiaries.
Thank you.
A: Hire a competent MO attorney to search the title and draft the deed out of the LLC. He will have to abide by MO LLC Statutes and probably have all successors in interest of the LLC convey as grantors as well as the Successor Trustee, which must have precise language to be enforceable. Make sure the Brother pays you before you execute the deed, which will probably be signed by both you and him at least once apiece.
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.
