Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Wednesday, May 19, 2021

Adding Insult to Death

Thomas E. Rutledge recently published an article entitled, Adding Insult to Death, Business Lawyer (Spring 2021). Provided below is the abstract to the Article: 

Death is the one eventuality for which all individuals must account. Even as limited liability companies (“LLCs”) are now the most commonly used form for new business organizations, most participants therein fail to appreciate that absent express agreement set forth in the op-erating agreement, upon death their heirs do not succeed to any rights to participate in man-agement even as those heirs seldom have an opportunity to liquidate the investment. This article will review the default treatment under the various LLC acts and explore a variety of approaches that may be taken in an operating agreement to alter the default treatment.


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