We set up a revocable Living Trust about 10 years ago and now are in the process of buying a rental. We set up an LLC company to own and run it but thought we should put in our trust documents that the our interest in the LLC is transferred to the Trust at least at our death. Has anyone done this? We want our children can control it through the trust along with our other assets without inheritance problems.
@Account Closed Hey David. Short answer, yes there is a way that should you pass, your children can simply replace you and control the LLC that you currently have. I would have an attorney review the Living Trust to ensure that your wishes will be carried out as such. I would also urge you to include a Pour Over Will as well. This article may also be helpful to you since it appears you may be re-vamping your Living Trust: https://www.biggerpockets.com/blog/common-mistakes-when-planning-estates/
Thank you Scott. We have a revocable living trust and it has the pour-over will with it.
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