[WSBAPT] Blocked financial account for minor beneficiary

[Jon Fritzler]

Listmates,

I represent a PR with non-intervention powers in an estate where one of the beneficiaries is a minor. We are trying to open a blocked financial account for the minor's share of the estate per RCW 11.76.095(1) (see below). Although I do not read the statute as requiring a PR with non-intervention powers to obtain a court order to open such an account, US Bank would not open the account without one. OK, so I got a court order directing the PR to distribute the minor's share to a blocked account subject to withdrawal only upon the order of the court in the probate proceeding, or upon the beneficiary attaining the age of 18 and furnishing proof thereof satisfactory to the depositary.

However, US Bank still refuses to open the account because the order does not specify who is to be the custodian of the account!  The reason my client wanted to open a blocked financial account in the first place was because there aren't any good candidates to serve as custodian of the funds for the minor. Has anyone had success opening a blocked financial account for a minor beneficiary pursuant to 11.76.095(1) without naming a custodian and, if so, at which financial institution?


RCW 11.76.095
When a decree of distribution is made by the court in administration upon a decedent's estate or
when distribution is made by a personal representative under a nonintervention will and
distribution is ordered under such decree or authorized under such nonintervention will to a person
under the age of eighteen years, it shall be required that:

(1) The money be deposited in a bank or trust company or be invested in an account in an
insured financial institution for the benefit of the minor subject to withdrawal only upon the
order of the court in the original probate proceeding, or upon said minor's attaining the age
of eighteen years and furnishing proof thereof satisfactory to the depositary;

(2) A general guardian shall be appointed and qualify and the money or property be paid or
delivered to such guardian prior to the discharge of the personal representative in the
original probate proceeding; or

(3) A custodian be selected and the money or property be transferred to the custodian subject
to chapter 11.114 RCW.

Sincerely,
Jon M. Fritzler
Attorney at Law
PO Box 61451
Vancouver, WA 98666
Tel. 360.818.4431
Eml fritzlerlaw at outlook.com<mailto:fritzlerlaw at outlook.com>

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