[WSBAPT] JT/ROS

[Eric Nelsen]

Yikes--it's a conflict between statutes so that's a full-employment act for the lawyers.

Speaking off the cuff, I'd argue that 30A.22.100 is meant to allow banks to pay to the named party without liability, but in fact a Will provision under 11.11.020(3) would control and impose a constructive trust on the POD recipient, for the benefit of the estate or beneficiary designated in the Will. But who knows, once we wander into the thicket of statutory construction.

"Most recently enacted statute wins?"

Or, "the Legislature will not repeal an existing statute by implication?"

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-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kate Szurek
Sent: Thursday, June 04, 2015 5:19 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] JT/ROS

Well, the very last sentence of RCW 30A.22.100 is interesting.  How does that jive with RCW 11.11.020(3) - which we have relied upon from time to time, especially with older clients who we learn have put a child's name on their accounts so the child could help them manage their finances (i.e., for convenience only) and not meaning the account should pass to that child alone?  Of course, we can always go bank to bank and fix it, but that can be tough to accomplish with any rapidity.

Kate

[SkagitLaw_Signature (2)]
Kate Szurek, J.D., LL.M.
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
kate at skagitlaw.com<mailto:kate at skagitlaw.com>
http://www.skagitlaw.com<http://www.skagitlaw.com/>



From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Thursday, June 04, 2015 2:18 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] JT/ROS

A bank isn't required to offer all varieties of account allowed under RCW 30A.22.050<http://app.leg.wa.gov/rcw/default.aspx?cite=30A.22&full=true#30A.22.050>, so far as I'm aware. (Hey look everybody--I just discovered that RCW 30.22 has been changed to RCW 30A.22, effective on January 5 of this year! Does anybody know what substantive changes were made?)

I think it's convenient for the banks to blame "state law" but that's bull puckey. They could offer TIC, they just don' wanna. Despite the fact that the law continues to shield them from almost any kind of liability.

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-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jacob Menashe
Sent: Thursday, June 04, 2015 1:44 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] JT/ROS

How timely. I have definitely experienced this in the last few weeks - and pressed but not too hard - with both Chase and B of A. They refer to "state law" and one of them said TIC is only possible in two states! (For the life of me, I don't get what they are getting at. Maybe someone here can elucidate?)  I just had a conversation with someone at Wells Fargo and the person confirmed they still do this.

Jacob

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Kate Szurek
Sent: Thursday, June 04, 2015 1:27 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] JT/ROS

In the grumbling-about-banks department, I was just informed that WA Fed will not allow a couple to hold their CDs in both names unless it as joint tenants with right of survivorship.  We have a taxable estate, so I prefer to avoid investments that pass automatically on death to the survivor.

Of course, I have any number of work-arounds, and I'm not worried about small accounts, but my question of you is whether you are similarly finding such restrictions, and if you are, whether you have found banks who are willing to allow the accounts to be held simply as joint tenants (tenants-in-common), without any kind of automatic transfer on the death of one of the owners.

Thanks in advance,

Kate

[SkagitLaw_Signature (2)]
Kate Szurek, J.D., LL.M.
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
kate at skagitlaw.com<mailto:kate at skagitlaw.com>
http://www.skagitlaw.com<http://www.skagitlaw.com/>

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