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Updated 6 months ago on .

User Stats

29
Posts
11
Votes
Jagan Reddy
  • Sterling, VA
11
Votes |
29
Posts

How to put Multi-family LLCs in a trust for inheritance and ownership?

Jagan Reddy
  • Sterling, VA
Posted

Hello all legal experts,

If someone owns multiple real estate properties and each of those properties are in their own LLCs, then ownership by children or another family member is the question.

If original owner passes away, then their children may not be able to operate them.  I was told, form a revocable trust. Add primary home to that with quick claim deed, then add all LLCs to the same trust. Typically one of the owner's children are the trustee of the revocable trust, he/she can take control of the properties, appoint another sibling or sell or do maintain them.

Can someone guide me or point me to a legal expert for this specialization in Virginia please?

Thanks

Jagan