What form should I use to authorize someone to manage real estate after my death?
What form should I use to authorize someone to manage real estate after my death?
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Ok, Let’s break your questions into two parts:
1. Managing Real Estate in an LLC After Death
If the real estate is held within an LLC, and a manager is already listed, it’s important to note that a power of attorney (POA) only works during your lifetime. It terminates at death.
If you want this manager to continue managing the properties for your children, that authority should be confirmed in your estate planning documents, such as:
- A will or revocable trust, where you name a successor manager or executor
- Your LLC’s operating agreement, to ensure it addresses management succession after death
This ensures the manager can legally act on behalf of your estate or your heirs.
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What form should I use to authorize someone to manage real estate after my death?
Lexi, Chatbot
I understand you’re looking to authorize someone to manage your real estate after your passing. Have you already created a will or trust?
Not yet. The properties are within an LLC, and the person is listed as a manager. Do I also need a power of attorney?
Lexi, Chatbot
Are you specifically looking for a form to appoint a trustee or executor to handle your real estate affairs after your death?
Yes.
Lexi, Chatbot
Is there anything else the lawyer should know before I connect you? Rest assured they’ll be able to help with appointing a trustee for your real estate.
Another real estate question: what form do I need to leave real estate to my heirs in Tennessee and avoid probate?
Richard
Hello. My name is Richard, and I’ve been a licensed attorney for over 25 years. I’m happy to assist.
Richard
Ok, Let’s break your questions into two parts:
1. Managing Real Estate in an LLC After Death
If the real estate is held within an LLC, and a manager is already listed, it’s important to note that a power of attorney (POA) only works during your lifetime. It terminates at death.
If you want this manager to continue managing the properties for your children, that authority should be confirmed in your estate planning documents, such as:
- A will or revocable trust, where you name a successor manager or executor
- Your LLC’s operating agreement, to ensure it addresses management succession after death
This ensures the manager can legally act on behalf of your estate or your heirs.
That’s helpful, thank you!
We want them to manage the properties on behalf of our children (young adult children, not minors).
Richard
Now for the 2nd part:
2. Avoiding Probate in Tennessee for Real Estate:
Yes, Tennessee allows Transfer on Death (TOD) deeds for real property that is personally owned. A TOD deed allows you to transfer property directly to your heirs without going through probate.
However, since your properties are held in an LLC, a TOD deed does not apply. Instead, you’ll need to plan for the transfer of your LLC membership interest. That should also be done via your estate planning documents (will or trust).
This way:
- Your interest in the LLC can be passed on without probate.
- The LLC properties stay within the entity.
- Your manager can continue operating on behalf of your children, per your wishes.
I didn’t know Tennessee allowed Transfer on Death (TOD) for privately held properties.
No follow-up questions at this time. Thank you!
Richard
Take care and best of luck with your planning!
Richard
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