Sharon Ravenscroft Estate Planning Blog
LLC interests can be held as joint tenants with right of survivorship
If you have an LLC but do not have a trust a new law, A.R.S. 29-732.01, allows LLC interests to be held as joint tenants with right of survivorship or community property with right of survivorship. The Operating Agreement must provide for the right of survivorship. This new law avoids probate if you own interest in an LLC but do not have a trust. However, I still recommend a trust when you own an LLC because the trust will avoid court involvement if you become incapacitated and avoid probate upon the death of both you and your spouse or joint tenant.