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Beneficiary for LLC account

Can an LLC have a Pay on Death beneficiary?ken

by Ken Golliher:

LLC's do not die... They don't need one.


by John Burnett:

Moreover, if you review the law in your state that provides for the use of Pay on Death designations, you will almost certainly find that it applies only to accounts owned by individuals. And that's because the legislators took into account the fact that Ken has provided.

If the owner of an entity such as an LLC wants to ensure that ownership will pass on his passing to a specific individual, he has to take care of it in the legal documents establishing the entity or in some form of estate planning. It cannot be done with a Pay on Death designation on the entity's deposit accounts. You should suggest that he or she consult legal counsel.

First published on 07/22/2018

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