Estate Planning and Member Transfer Requests

Quite often, members or a law firm representing them, contact the Golden Growers office requesting changes related to estate planning. For members requesting these types of ‘private’ transfers, Golden Growers will prepare and mail the paperwork to the member for signature. Below are examples of typical requests related to estate planning.

Transfer membership from individual to joint tenancy to avoid probate
If a member has their interest listed in their name as an individual, and they pass away, their membership interest becomes part of their estate and disposition must be handled through the appropriate legal process. In Joint Tenancy, however, the membership interest owned equally between the joint tenants. If one joint tenant passes away, the membership interest is passed on the remaining joint tenant – eliminating the need for probate.

Transfer from an individual to a trust
Trusts are also useful tools to bypass probate. For instance, the grantor of a revocable trust can place assets into the trust and either manage the trust or have someone else manage it for them. In addition, if the grantor becomes incapacitated for any reason, named trustees can manage the assets without declaring the grantor incompetent. If the grantor recovers he/she can resume duties of managing the trust. Within the trust, a grantor can determine how assets are to be disbursed.

Note: Golden Growers will not list beneficiaries for membership interest, nor do we allow the membership interest to be placed into a retirement plan.