[WSBAPT] Petition for Order to Require PR to post bond

[Erin Fairley]

Beneficiary clients are concerned that non-intervention PR will deplete
assets of the estate prior to inventory report.  Has anyone petitioned to
require PR to post bond to protect assets?  

Thank you,
Erin

Erin M. Fairley, Attorney
121 Lakeside Avenue, Suite 108
Seattle, WA 98122
mailto:efairley at advocateslg.com
Phone: (206)-535-7929; Cell:  (206) 353-4625
http://www.advocateslg.com <http://www.advocateslg.com/> 



 




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From: Eric Nelsen <Eric at sayrelawoffices.com>
Reply-To: "wsbapt at lists.wsbarppt.com" <wsbapt at lists.wsbarppt.com>
Date: Tuesday, July 8, 2014 at 1:12 PM
To: "wsbapt at lists.wsbarppt.com" <wsbapt at lists.wsbarppt.com>
Subject: RE: [WSBAPT] BECU And Estate Claims



I seem to recall there being a provision in some HELOCs that authorize the
bank to swipe money from an account they hold if they want to; not sure if
it's triggered by default or is just discretionary. In addition to the
statute, I'd suggest checking the HELOC agreement itself for security
provisions.

 

Sincerely,

 

Eric

 

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1320 University St

Seattle WA  98101-2837

phone 206-625-0092

fax 206-625-9040

 

 

 

From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Kerry Richards
Sent: Tuesday, July 08, 2014 1:04 PM
To: WSBA RPPT Probate & Trust Discussion Forum
Subject: [WSBAPT] BECU And Estate Claims

 

Dear Listmates:

A personal representative in an estate in my office recently ran into a
bit of trouble with BECU and I am inquiring of your thoughtful assessment
and advice.

The PR’s mother died, leaving assets and apparently one small and secured
creditor.  The PR is also the sole beneficiary of her mother’s will.  We
filed the probate, secured her appointment as the PR with Nonintervention
powers and also filed the requisite Notice to Creditors.  When she later
went to BECU to establish the Estate’s account and transfer the two or
three various accounts in the CU previously held by her mother, she was
informed the accounts had been confiscated by BECU (about $10,000 worth)
and applied to an outstanding home equity line of credit (HELOC) secured
against her mother’s residence.  This HELOC was not delinquent, not in
default and all payments were up to date.  No creditor’s claim had been
filed either at the time of the confiscation or at this writing.

When demand was made of the BECU Estate Servicing Department they simply
indicated they have statutory authority in the form of a lien over all
deposits with the CU.  (RCW 31.12.416(3) was the citation provided.  While
that statute does provide lien rights to all accounts to the extent of any
obligation owed to the CU, I was under the distinct impressions  firstly
the accounts were no longer owned by the decedent, but rather by her
estate, secondly, the HELOC must be in some kind of default before such
action is warranted, and thirdly, they must file a creditor’s claim with
the estate, before they may confiscate any accounts in the CU.  

Am I incorrect in my analysis?  If I am correct, do I cite the CU into the
probate court and let them explain their conduct or must I file a separate
action against the CU?  At the end of the day, the money is owed (about
$13,000 outstanding), but the real property value far exceeds the HELOC
owing and my client did not envision using cash assets to pay it all at
this time.  Maybe she now should.  My goal is to undue this confiscation
for the least cost and move the estate ahead.  How can this goal best be
achieved? 

Once again, your thoughtful responses are welcome and appreciated. 

 

Yours truly,

 

Kerry A. Richards

_____________________

Bradshaw & Richards, P.S.

3302 Fuhrman Avenue East, Suite 202

Seattle, WA 98102

Phone: (206) 622-3444

Fax:  (206) 622-3007

Email:  <mailto:KRichards at brad-rich-law.com> KRichards at brad-rich-law.com

Web:  <http://www.brad-rich-law.com/> www.brad-rich-law.com

 

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