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Sharon Ravenscroft Estate Planning Blog

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LLC interests can be held as joint tenants with right of survivorship

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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.

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Sharon Ravenscroft

Sharon Ravenscroft

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Sharon is a Shareholder of The Cavanagh Law Firm, P.A. which has offices in Phoenix and Sun City, Arizona. Sharon was born and raised in Phoenix, Arizona.

Sharon received her B.A., cum laude, in 1984 from Wellesley College and her J.D. in 1987 from the University of California, Hastings College of the Law, where she was a staff writer on the international law journal.

Simplifying the challenges related to family asset and estate legal issues is her focus for her clients.

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