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.
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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.
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