Many families today hold real estate through LLCs for asset protection and liability reasons. At the same time, more and more are using revocable and irrevocable trusts as part of their estate plan to avoid probate, protect privacy, and plan for smooth wealth transfers.rnrnBut what happens when those two tools intersect?rnrnCan a trustee automatically step into the shoes of a deceased LLC member? Will the operating agreement recognize that trustee as a valid decision-maker? And what if it doesn’t?rnrnThese questions often come up during moments of transition—after the death of a parent, during a refinance, or when it’s time to sell inherited real estate. At that point, if the documents weren’t set up to speak to each other, the result is confusion, delay, and sometimes conflict.
Reena Gulati Blog
Business succession planning is a critical aspect of ensuring the longevity and stability of any business. A well-thought-out succession plan is not just a prudent choice but often a legal requirement. Here are some of the key considerations and steps involved in business succession planning in the state of New York that every business owner needs to know.
Any person or person authorized by law can serve as the executor. There are exceptions as enumerated in the Surrogate Court Procedure Act §707.
The short answer is yes but it is not a definitive answer. If the estate of the decedent will take a long time to go through probate, if there is a will or in the absence of a will, the administration of the decedent’s estate will be protracted due to disputes within the estate, such as a will contest or the objection to the appointment of a nominated Executor for fear that that the nominee is unfit for the job or fails to qualify, a Preliminary Executor can be appointed.
