{"id":6210,"date":"2013-10-17T07:09:03","date_gmt":"2013-10-17T14:09:03","guid":{"rendered":"http:\/\/www.keytlaw.com\/azllclaw\/?p=6210"},"modified":"2013-10-17T07:10:24","modified_gmt":"2013-10-17T14:10:24","slug":"no-plan","status":"publish","type":"post","link":"https:\/\/www.keytlaw.com\/azllclaw\/2013\/10\/no-plan\/","title":{"rendered":"Failure to Plan Causes Problem for Spouse of LLC Owner"},"content":{"rendered":"

Question<\/strong><\/em>:\u00a0 My spouse owns an Arizona limited liability company as separate property and is the sole manager of the company.\u00a0 He recently became mentally incompetent and can no longer run the company.\u00a0 The LLC’s bank will not allow me to sign checks to pay employees and vendors.\u00a0 How can I take over the management of the company?<\/p>\n

Answer<\/strong><\/em>:\u00a0 Because your husband failed to take action needed to protect you in the event of his incapacity you must now file a petition with an Arizona Superior Court and ask the Court to appoint you as the conservator of your husband’s financial affairs.\u00a0 With that court order you will be able to elect yourself as a manager of the LLC, amend the Articles of Organization on file with the Arizona Corporation Commission to show that you are the new manager and give a copy of the filed amendment and Court order to the bank to take control of the LLC’s bank account.<\/p>\n

Your husband’s failure to plan will cost you $3,000 – $5,0000 in legal fees that could have been avoided if he had signed a Financial Power of Attorney that named you as his agent with the power to manage his financial affairs in the even of his incapacity.\u00a0 Contact us to prepare and file the petition to get you appointed as the conservator.<\/p>\n

Warning<\/strong>:\u00a0 This situation illustrates why people should take action to protect their most valuable asset – their family – before it is too late.\u00a0 Don’t let this happen to your loved ones.\u00a0 Adopt a comprehensive estate plan with a Trust, Will, Financial Power of Attorney, Healthcare Power of Attorney and Living Will now to prevent the stress, problems and high economic cost that results when people die or become incapacitated and have not taken the steps needed to protect their family.<\/p>\n

To learn more about this topic and how to protect your family read my article called “Why You Need an Estate Plan to Protect Your Family and the High Cost of Procrastination and Neglect<\/a>” and visit my Arizona Wills and Trusts website<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Question:\u00a0 My spouse owns an Arizona limited liability company as separate property and is the sole manager of the company.\u00a0 He recently became mentally incompetent and can no longer run the company.\u00a0 The LLC’s bank will not allow me to sign checks to pay employees and vendors.\u00a0 How can I take over the management of the company? Answer:\u00a0 Because your husband failed to take action needed to protect you in the event of his incapacity you must now file a petition with an Arizona Superior Court and ask the Court to appoint you as the conservator of your husband’s financial affairs.\u00a0 With that court order you will be able to elect yourself as a manager of the LLC, amend the Articles of Organization on file with the Arizona Corporation Commission to show that you are the new manager and give a copy of the filed amendment and Court order to the bank to take control of the LLC’s bank account. Your husband’s failure to plan will cost you $3,000 – $5,0000 in legal fees that could have been avoided if he had signed a Financial Power of Attorney that named you as his agent with the power to manage his financial affairs in the even of his incapacity.\u00a0 Contact us to prepare and file the petition to get you appointed as the conservator. Warning:\u00a0 This situation illustrates why people should take action to protect their most valuable asset – their family – before it is too late.\u00a0 Don’t let this happen to your loved ones.\u00a0 Adopt a comprehensive estate plan with a Trust, Will, Financial Power of Attorney, Healthcare Power of Attorney and Living Will now to prevent the stress, problems and high economic cost […]<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8,51],"tags":[],"class_list":["post-6210","post","type-post","status-publish","format-standard","hentry","category-faqs","category-how-do-i"],"yoast_head":"\nFailure to Plan Causes Problem for Spouse of LLC Owner - Arizona LLC Law %<\/title>\n<meta name=\"description\" content=\"What to do if your loved one becomes mentally incapacitated while he or she has control of a limited liability company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.keytlaw.com\/azllclaw\/2013\/10\/no-plan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Failure to Plan Causes Problem for Spouse of LLC Owner\" \/>\n<meta property=\"og:description\" content=\"What to do if your loved one becomes mentally incapacitated while he or she has control of a limited liability company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.keytlaw.com\/azllclaw\/2013\/10\/no-plan\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona LLC Law\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:author\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-17T14:09:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2013-10-17T14:10:24+00:00\" \/>\n<meta name=\"author\" content=\"Richard Keyt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Keyt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/\"},\"author\":{\"name\":\"Richard Keyt\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/person\\\/9d6c74d30296559f95e238fa25182391\"},\"headline\":\"Failure to Plan Causes Problem for Spouse of LLC Owner\",\"datePublished\":\"2013-10-17T14:09:03+00:00\",\"dateModified\":\"2013-10-17T14:10:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/\"},\"wordCount\":359,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#organization\"},\"articleSection\":[\"FAQs\",\"How Do I\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2013\\\/10\\\/no-plan\\\/\",\"name\":\"Failure to Plan Causes Problem for Spouse of LLC Owner - 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