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What Happens When Customer Passes-LLC Using EIN #

Question: 
We have a single-member LLC using an EIN number. The member is asking what happens to the account when he passes away, will it go to his estate or does it need to be in his business papers to show where is goes? The account is held in Iowa and they run the business out of Minnesota.
Answer: 

Answer by Randy Carey:

Membership succession in an LLC is a matter of the organizational documents. The customer needs to sit down with their attorney. Consult your legal counsel is all the information a bank should be telling a customer with such a question.

Answer: 

Answer by Ken Golliher:

Your customer needs a lawyer and a will, not a banker and free advice.

First published on 10/22/2017

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