[WSBAPT] LLC vs. Will contrary provision

[Roger Hawkes]

Please post any substantive answers.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Josh Grant
Sent: Thursday, December 13, 2018 2:18 PM
To: wsbar trust <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] LLC vs. Will contrary provision

I have  clients who have inherited real property.  They are putting it into a LLC.  4 out of 5 of the clients reside in different portions of the real property.  Regarding the termination upon death provision in the LLC; they are wanting it to simply say: as each member dies, their units can not be sold except for $1.00 to the LLC and the remaining members will equally own their shares.  When there is only one remaining member, that surviving member will own 100%.  I have never seen this with a LLC.  It would also have to preclude rights of members to sell their units to third parties.
I am wondering what will happen if one of them makes out a will that says “I give my units in LLC to my kids/”
Anyone ever do this?
If so any form language?
Any other problems besides the challenge regarding testamentary disposition?
Thanks
Josh
Joshua F. Grant
[advocates]
P. O. Box 619
Wilbur, WA 99185
509 647 5578
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