Legal Question in Wills and Trusts in Georgia
Direct Linear Descent in LLC vs. Will and Trust
My dad died recently and was part of a family-managed LLC that contained a lot of property. Part of the operating instructions for the corporation state that when someone dies, their shares go directly to their linear descendants. Most of my dad's estate is in trust funds as directed by his Will. His Will never mentioned what to do with his shares of the LLC. However, the trust administrator has deemed that my dad's shares of the LLC shouldn't go straight to me or my sister, but should go into the one of the trust funds that includes my step-mother. First, how can they put money from this LLC into a trust fund, since it was never mentioned in the Will and second, how can it end up in a trust fund with my step-mother who is not a direct linear descendant?
2 Answers from Attorneys
Re: Direct Linear Descent in LLC vs. Will and Trust
Your best move will be to hire an attorney to review pertinent information/represent your interests.
Re: Direct Linear Descent in LLC vs. Will and Trust
1. The LLC does not have to be specifically mentioned--there is usually a clause which covers "everything else", and the LLC membership would be covered by that.
2. However, if the LLC agreement restricted the members' right to dispose of their memberships by will, this would control--your dad's ownership of the LLC membership would be subject to the LLC agreement, and a bequest would not be effective.
In any event, an attorney should review all relevant documents and advise on the best course of action.
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