Jerry Taylor explains why LLC owners who list themselves as the member face probate delays when they die. His fix: transfer 100% ownership to a revocable living trust using a two-page assignment document, making the trust the member instead and avoiding probate entirely.
If you have a limited liability company, this is a huge mistake that I see people make. Most people with LLCs have themselves listed as the member of the LLC. If you die with yourself listed as the member of your LLC, that LLC is going to have to go through probate before it can be transferred to your beneficiaries. There is an easy way to avoid that hassle. Create a revocable living trust and assign your LLC to the trust. The trust is then the member of the LLC. Assigning your LLC to your trust is simply done. It's done through an assignment document. It's typically a 2-page document that just says, whereas I am now 100% owner of my LLC, after I've executed this document, my trust will be 100% owner of my LLC. Follow me for more information like this, and if you want to get educated, click on my bio link and check out my Legacy Community.
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