[WSBAPT] objective is to avoid a probate

[Justin Morgan]

Interesting.

You could do a trust with your client as the first beneficiary, and the life partner as the remainder beneficiary. Then your client retains control during life.

If you do a TODD it may mess up your real estate contract since the buyer is going towing everyone bound to the deal

Sent from my iPhone

On May 28, 2016, at 11:01 AM, Kristina Driessen <Kristina at rdattys.comcastbiz.net<mailto:Kristina at rdattys.comcastbiz.net>> wrote:


I have a situation that I am trying to wrap my head around. It could be because it is a Saturday on a three day weekend that I am struggling and the answer is easy. But here goes....

I have a gentlemen who is terminally ill. I have drafted his estate plan which includes the only asset to be probated which is real property. All assets are to be sold with the proceeds going to his life partner. He has no children or other heirs.
Client now has a buyer who wishes to put a large sum down with monthly payments [$40,000.00 down]. Realizing that the client will not be around to collect the sums, he wishes to have the payments go to his life partner. [who is the beneficiary in the will].  He would like to avoid a probate and thus headache for his beneficiary. The sum remaining on the contract even with the down payment is approximately $160,000.00. This has not closed as of yet.

The end goal is to avoid a probate. At this point, could I assign the contract to his life partner before his death? I could quit claim it to his beneficiary, but am hesitant to do so because of her then having his basis in the property. I have also considered doing a transfer on death deed to his beneficiary and then she can enter into the contract with the buyer.

Any other suggestions or ideas?


Kristina A. Driessen
Ryan & Driessen
Attorneys at Law
16 A Street SE
Auburn, WA. 98002
(253) 939-0811
(253) 939-0471 fax
kristina at rdattys.comcastbiz.net<mailto:kristina at rdattys.comcastbiz.net>

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