[WSBARP] Agreement re occupancy of LLC house

[Timothy Lehr]

Listmates,

 

I recently formed an LLC for three adult siblings that inherited a parent's
house through an estate. One sibling is disabled and lived on the property
with mom and dad before they passed and continues to reside there. The
floorplan of the house is very beneficial for the disabled sibling. All
three agree that such sibling may occupy the house for as long as needed, so
long as utilities, taxes, maintenance etc are paid and property is kept in
good condition. The goal is to put the house into an LLC, owned equally by
all three siblings to preserve each's equity interest in the house if/when
sold. When the disabled sibling no longer lives on the property, the plan is
to sell the property.

I also plan to draft an operating agreement that either includes provisions
for the property (or a separate agreement outside of the OA that covers the
issues). The agreement would cover terms for the disabled sibling to live in
the home, costs, future sale of property, maintenance, personal effects in
house, etc. I believe I've flagged a number of potential issues that could
come up, but wanted to check if anyone has drafted a similar agreement that
I could cross reference with mine to make sure I'm not missing anything
significant. The whole scenario seems like one that likely comes up often in
estates. 

 

Any template docs or advice is appreciated. 

 

Tim 

 

Timothy C. Lehr

Attorney at Law

Stiles Law Inc., P.S.

 

p:   360.855.0131

e:   timothy at stileslaw.com <mailto:timothy at stileslaw.com> 

w:  www.stileslaw.com <http://www.stileslaw.com> 

 

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