If we are using an LLC as our beneficiary and we do not yet know who our successors will be, do we leave that part blank? Or type in “To Be Determined”?
Thanks.
Kelly, you might consider making yourself the successor in case your LLC is dissolved as a result of you forgetting to pay your franchise fees. Or, if you have a Living Trust, it could be the successor
Mr LT
Thank you.
So if my husband and I both own 50% of the LLC, I should put myself as 1st Successor…
…then for my husband, should I put him as 2nd Successor? Or put him as 1st Successor named by SECOND beneficiary?
Kelly, the answer depends on what you and your husband agree to. For example, you might want to make BOTH of you 50-50 First Successor Beneficiaries assuming you are sharing equally in your assets.
Thank you. In that case, should I put myself as Successor Beneficiary named by first beneficiary…
then for my husband (we’re both 50% owners of the LLC), should I put him as 2nd Beneficiary name by FIRST beneficiary….or 1st Successor named by SECOND beneficiary?