[WSBAPT] I am using an Affidavit of Successor to avoid probate.

[ROBERT MILLSAP]

RCW 11.62.  Total amount owed being claimed is about $30,000 split between
two financial institutions.

 

There are 6 children.  They have agreed to name one child as the Successor
Claimant.

 

The financial companies (or their customer service people) are being
difficult.  They both want to have the six children execute separate
transfer forms with signature guarantees to set up new accounts for each
child.  

 

In the past I have done that with people claiming under a beneficiary
designation form.  There were none completed here.  I have successfully
used  the affidavit (RCW 11.62) here without having to set up a separate
account.  They have just mailed the funds to the claiming successor.

 

I do not want to have to use an affidavit and request within it that the
financial institution fund a separate transfer for each of the 6 kids.  I
do not thank I am going to get away without at least one new account form
for the claiming successor.  What are others experience here.

 

How are taxes handled? One of the assets is an annuity so there should be
some taxable income in the asset.  It is small but the Claiming Successor
will probably get a 1099 at the end of the year for the full amount.

 

Thanks in advance if anyone has had experience with this.  

 

 

ROBERT MILLSAP

MILLSAP LAW FIRM, P.S.

7016 35TH AVE NE

SEATTLE, WA 98115

206-583-2740

 

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