FAQ Friday: Business in Probate

On Friday, September 24th at 11 a.m. EST, Mr. Berger discusses how a business handles when a company ends up as a probate asset.

In an LLC, you have 90 days to dissolve the business and liquidate the assets. The Personal Representative has the ability to make these changes.

A multi-member LLC without an operating agreement does that have a provision to transfer interest. The Will can transfer that interest to whomever receives the company. The assignment to the surviving spouse is economic rights only.

We suggest a buy/sell agreement that coincides with a Will with witnesses.

A classic C Corporation transfers according to provisions in Will unless there is operating agreement that restricts who can own shares.

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