[WSBAPT] Transfer of Decedent's Interest in Single-Member LLC

[Roger Hawkes]

Let me know when  you are nearly out of bridge shares to sell; I will get you some more😊

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Philip N. Jones
Sent: Wednesday, November 13, 2019 2:36 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Transfer of Decedent's Interest in Single-Member LLC

Some people would prepare a Certificate of Incumbancy and have a family member sign it to indicate who’s on first.  Sort of like a trust certificate.  I’m told that banks accept these sorts of things.  Some people even claim it avoids probate.  I plan to sell a bridge to those people, but it apparent it works.  Sometimes.
Phil Jones

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of John Yip
Sent: Wednesday, November 13, 2019 2:30 PM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Transfer of Decedent's Interest in Single-Member LLC

Hello,

Could someone please confirm how to transfer a decedent's interest in a single-member LLC?

Hypothetical: Widow owns a single-member LLC.  The LLC corporate documents do not designate a successor.  The Widow's Will says all her assets pass equally to her children, A and B.  Widow passes away.

Questions:
1. Does Widow's interest in the single-member LLC simply pass to her children, A and B, in equal shares pursuant to the Will?  We probably have to file some affidavit with the Secretary of State to note the change in ownership of the LLC, but do we need to file any other documents with the court, the Secretary of State, or another government agency to make A and B's successorship to Widow's interest effective?

2. Would A and B share Widow's rights with regard to voting, etc.?  RCW 25.15.131 addresses situations involving a member's death but only states that the PR has the rights of a transferee but does not state anything about the rights of the beneficiaries.

Any help you can give would be much appreciated.  Thanks.

John
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