[WSBAPT] Financial Guardianship - funds left to minor

Thu Feb 13 08:40:32 PST 2014

Similar question, slightly different facts:  Mom sets up testamentary
trust for minor children and appoints husband (not the father) as trustee
and guardian of their estates, but designates the children directly as
beneficiaries of some of her qualified plans.

Plan administrator says they won't pay out to trust (because of the
beneficiary designation) but will pay out to a financial guardian.  Would
UTMA work there as well?

Jeff Winter

Law Office of Jeffrey D. Winter, P.S.
604 North Main Street
Ellensnburg, WA 98926
(509) 925-9600

  _____  

From: mfry at lyon-law.com
To: wsbapt at lists.wsbarppt.com
Subject: RE: [WSBAPT] Financial Guardianship - funds left to minor
Date: Thu, 13 Feb 2014 16:05:41 +0000

Skip the guardian unless a guardian is needed for care and decision making
for child.  Use custodianship.  Insurance companies always have the form
letter referencing a guardianship, but if you look at the UTMA RCW and
send it to them, it has sufficed every time.  I go to  court have the
custodian appointed.  Who wants all the headache of reporting, etc with a
guardianship when a custodianship will work.

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 
Adoption Attorney*

P.O. Box 1689 
Yakima, Washington  98907 
Telephone:  (509) 248-7220 
Facsimile:  (509) 575-1883 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of G. (Gus) Benjamin
Lindsey III
Sent: Thursday, February 13, 2014 8:03 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Financial Guardianship - funds left to minor

Good morning,

I am wondering if anyone has ideas on the most efficient way of addressing
the below situation.

The PC’s mother died and left ¼ of the proceeds of a life insurance policy
to PC’s daughter, a minor. (The other beneficiaries are all adults.)

There was no probate of the mother’s estate due to its small value.  

The insurance company that has the money sent a letter to the minor
daughter indicating that something called a “court appointed financial
guardianship” or “Financial guardian document” is required to process the
claim. (So far the PC has not been able to determine exactly what is
needed.) I have not seen the letter yet.

I have not dealt with this issue before; is there’s a standard form for
this type of thing? I recall seeing a form down in King County which
allowed a guardian to access financial accounts for an incapacitated
person.  In this case, the PC just wants to put the money in another
account until the child reaches the age of maturity.

Does this require the parent to apply for a full guardianship? The PC
resides in Snohomish County.

Thanks in advance.

Sincerely,

G. (Gus) Benjamin Lindsey III

Attorney-at-Law

The Law Office of G. Benjamin Lindsey III

2012 Grade Road, Suite 202

Lake Stevens, WA 98258

Phone:   (425) 263-9585

website: www.gbl3law.com <http://www.gbl3law.com/> 

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