Legal Question in Business Law in Tennessee

Re: Tranfer of LLC member's shares

The status of the LLC shares will most likely be governed by the terms of founding documents that formed the LLC. If the other LLC equity holders retained a right to buy out your husband's interest in the event of his death, then that covenant on his equity interest can likely be enforced. If there is no provision for other equity partners to buy out his interest upon his death, then his equitable interest would be treated like any other asset -- which can be passed on to his spouse and heirs upon his death.