My husband recently passed and was the only member of an LLC, can the LLC be transferred after death?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My husband recently passed and was the only member of an LLC, can the LLC be transferred after death?
I have obtained appointment as my husband’s personal representative by the probate court and I am also named as executor in his Will. I would like to maintain the business.
Asked on April 6, 2018 under Estate Planning, South Carolina
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
A person's interest in an LLC can be inherited the way any other property would be. If your husband was the sole owner of the LLC, then as his surviving spouse:
1) If there is a will, you will inherit the LLC if the will leaves it to you; otherwise, it goes to whomever he willed it to.
2) If there was no will, the LLC passes by "intestate succession" (the rules for who gets what when there is no will). If there are no surviving children of your husband, you will be the only person to inherit the LLC: if there are surviving children, you get a 1/2 interest in the LLC, his children share the other 1/2.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.