[WSBARP] Assignment of Lease upon death

[Richard Holland]

I am sure there are 100 ways to do this but couldn't they assign the lease to an LLC or Trust right now?  (I don't know about Trusts, I am honestly thinking more about an LLC).  The LLC documents would then govern the transfer of the ownership interests and I should think there is a way to draft the Operating Agreement where those would pass outside of probate although wiser heads than mine might have more guidance in that regard.

Thanks,

Rich Holland
rich at pnwle.com<mailto:rich at pnwle.com>
733 7th Avenue, Suite 110
Kirkland, WA 98033
425-836-6240  / 425-748-3901 (fax)

The information contained in this communication, and in any attached document(s), is privileged and/or confidential, intended solely for the individual/entity to whom/which it was sent.  If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this information is strictly prohibited.  If you have received this email in error, please notify me immediately at the email address, mailing address, or telephone or fax number above.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Margaret Delp
Sent: Monday, August 01, 2016 3:33 PM
To: WSBARP at lists.wsbarppt.com; WSBAPT at lists.wsbarppt.com
Subject: [WSBARP] Assignment of Lease upon death

Hello everyone:
I am working on an estate plan for a married couple.  They are the lessors in a 30-year Tidelands Lease.  In the event of their demise, they would like their only heir to receive the right to payments from lessee (shellfish company).  The lease includes provisions reserving the right of the lessor to assign the agreement by giving advance written notice to lessee.

What is the best way to handle this?  Can one assign a lease effective upon death?

I should also note that the couple hopes to have a very simple estate plan which also avoids probate.   We are considering simple wills with a  transfer on death deed for the property adjacent to the tidelands.

Thanks,
Margaret

--
Law Office of Margaret Delp
Mailing address:
PO Box 292
Langley, WA 98260
Physical Address:
2815 Howard Road, Second Floor
Langley, WA 98260
Telephone: 360-579-4530

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20160802/76371abc/attachment.html>