[WSBAPT] Minor LI Policy Parent Dies

[Paul Grant]

Thank you for that RCW - in reading it I interpret the statute to read that
the surviving spouse AUTOMATICALLY becomes the successor custodian after 60
days of death - we are well past that.  Now, how do I get the insurance
agent to sign off without needing to start a petition?  That is my
struggle, I believe that the institution is asking for the wrong document
(what else is new) and with this statute should simply allow the surviving
wife to be the new custodian.  Maybe a stiff letter would allow them to
reconsider, unless their internal agreement for the account (which I have
not seen) demands a different process - I can't imagine they have written
something so specific.

This RCW helps - other thoughts out there?


Paul H. Grant - JD, LL.M

Planning with Purpose, Inc
Lynnwood, WA 98036
425-939-9948
www.planningwithpurposeinc.com

Estate Planning. Business Planning. Wealth Succession.

On Fri, Jul 17, 2015 at 6:11 PM, Doug Schafer <schafer at pobox.com> wrote:

>  Paul Grant: What are the specific facts? Was decedent the policy owner,
> individually.  A trustee under a governing trust document?  Or was he the
> named policy owner as custodian under the uniform transfers to minors act?
> My impression from your question is that the policy is legally owned by the
> minors with the deceased as their custodian under the UTMA. Under RCW
> 11.114.180(4) the wife could petition a court to appoint her as successor
> custodian, or simply wait until the children attain age 18 and they then
> may designate a successor, or claim direct ownership.
>
> Doug Schafer
>
>
> On 7/17/2015 5:19 PM, Paul Grant wrote:
>
> I have a client whose husband passed away and he was the named adult on a
> life insurance policy that his minor children have.  Wife is attempting to
> now get her name as the parent over the policies but the LI company is
> insisting on a letter testamentary.  All bills paid and assets are
> successfully transferred by joint or beneficiary so no need for a probate
> except this remaining item.
>
>  Does anyone have any creative ideas or have they faced this issue before
> where the company refuses to simply switch the surviving parent as the new
> guardian/trustee/custodian of the account?
>
>  Estate of decedent was well over the $100k when we started so I do not
> believe that a small estate affidavit will work when the estate in totality
> is over $100k,
>
>  Any thoughts are greatly appreciated.
>
> Paul H. Grant - JD, LL.M
>
> Planning with Purpose, Inc
> Lynnwood, WA 98036
> 425-939-9948
> www.planningwithpurposeinc.com
>
> Estate Planning. Business Planning. Wealth Succession.
>
>
> _______________________________________________
> WSBAPT mailing listWSBAPT at lists.wsbarppt.comhttp://mailman.fsr.com/mailman/listinfo/wsbapt
>
>
>
> _______________________________________________
> WSBAPT mailing list
> WSBAPT at lists.wsbarppt.com
> http://mailman.fsr.com/mailman/listinfo/wsbapt
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20150717/ff0d4901/attachment.html>