[WSBAPT] Difficult probate matter

[Roger Hawkes]

Is the estate the beneficiary of the insurance policies?


Roger Hawkes, WSBA # 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
206 367 5000
Fax is 206 367 4005

From: Andrew Hay [mailto:andrewhay at washingtonlaw.net]
Sent: Thursday, January 07, 2016 2:30 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Difficult probate matter

I have a gentleman whose wife died recently. There is no will and no community property agreement .

He is left with a home with very little equity and a couple of small life insurance policies. The problem is that there is a substantial community liability that's been reduced to a judgment that would eat up the small life insurance policies. So I am reluctant to start a probate.

I'm trying to figure out if he can benefit from the family support provisions. Are these applicable to only the period that the probate is pending?  Or can I use RCW 11.54 to exempt up to hundred and 25 thousand dollars of assets from creditors even after the probate is closed?

Is it a viable option to use the life insurance proceeds to pay down the mortgage on the home on the premise that he can protect up to $125,000 of equity as a homestead exemption?

Are there other viable options to preserve the life insurance proceeds (less than hundred thousand dollars) so that these funds are protected from the judgment creditors?

A

Andrew Hay
Hay & Swann PLLC
201 South 34th Street
Tacoma, WA  98418
Phone: (253) 272-2400
Fax:     (253) 267-8947
www.washingtonlaw.net<http://www.washingtonlaw.net/>


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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Martin Silver
Sent: Thursday, January 07, 2016 8:38 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] unsubscribe please


Live long and prosper.
 Mortgage on the home
From: Eugene D. Seligmann<mailto:gene at sbfirm.com>
Sent: Thursday, January 07, 2016 7:53 AM
To: WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] unsubscribe please

I am retiring from the Bar

Eugene D. Seligmann
Seligmann & Flaherty, PLLC
216 First AVE S, #450
Seattle, WA  98104
Office (206) 682-2616
Direct line (206) 201-3779
gene at sbfirm.com<mailto:joni at sbfirm.com>
http://sbfirm.com<http://sbfirm.com/>

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