[WSBAPT] objective is to avoid a probate

Tue May 31 10:32:30 PDT 2016

Agree 100%.

Megan S. Farr
Attorney | Farr Law Group, PLLC
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Heather deVrieze
Sent: Tuesday, May 31, 2016 9:49 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] objective is to avoid a probate

Maybe I’m just doing it wrong, or have been doing it so long that it seems easy to me, but I do not find Probate to be onerous, expensive, difficult, complicated or burdensome.

I think it is the most protective of heirs, like that it provides certainty with respect to creditors and misc. heirs, and is easily understood by title companies, banks, brokers, etc.

It is what I expect to be in place for my own estate and the estates of my nearest family members. I know there are those who practice otherwise, but I have yet to see a RLT situation be much simpler than probate. (barring out of state assets or other complicating factors)

Heather

Heather S. de Vrieze
Attorney-at-Law
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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 Kristina Driessen
Sent: Tuesday, May 31, 2016 9:03 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] objective is to avoid a probate

The reason is basic and simple. He has one beneficiary, and no living relatives[no children, siblings, cousins, etc] she is 90 years old and just wants his passing to be as easy as possible on her.

Kristina

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Heather deVrieze
Sent: Tuesday, May 31, 2016 8:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] objective is to avoid a probate

The question I have in all of this is what is the reason to “avoid probate”? If it is about saving the $240 filing fee, a RLT seems like a lot of work for that, especially since the cost to record a deed to the RLT is a significant percentage of the $240.

If the goal is to avoid notice to “heirs” the RLT does not accomplish that goal since notice would be required when the revocable trust became irrevocable. Is it simply an issue of not wanting a Will in the public record?

I tend to agree with the folks recommending a TODD with sale post death for basis issues, unless the partners are registered, then a Community Property Agreement would make sense and avoid probate, etc.

Heather

Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D013C2.30F35160]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
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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 Paul H. Grant
Sent: Sunday, May 29, 2016 4:47 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] objective is to avoid a probate

If you use the RLT route, which I would favor, then be sure that the contract is also in the name of the trust so that the new trustee, presumably the life partner, would have control of not just the house but the contract as well. Then, you can think through who is the next beneficiary of the contract and the house proceeds if they keep it in the trust, plus you get the step-up

Sent from my iPhone ~ Paul H. Grant

On May 28, 2016, at 4:05 PM, Sara D. Longley <sara at longley-law.pro<mailto:sara at longley-law.pro>> wrote:
The only way the property gets a step-up in value is if your client dies still owning it.  So, TOD deed is probably the way to go, and then the partner can sell to the friend/buyer.  POD designations on accounts should handle any other assets.

Good luck, and my sympathies to your client and his partner.
-Sara

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Sara D. Longley, J.D., LL.M.
Attorney at Law

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Seattle, WA 98107
(206) 434-5644
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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 Kristina Driessen
Sent: Saturday, May 28, 2016 11:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] objective is to avoid a probate

The buyer is a friend who would wait. He is only buying it to help the seller feel comfortable about leaving a stream of income to his significant other. Same issue?

Kristina

Sent from my T-Mobile 4G LTE Device

-------- Original message --------
From: Justin Morgan <justin at tuohyminor.com<mailto:justin at tuohyminor.com>>
Date: 5/28/2016 11:19 AM (GMT-08:00)
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] objective is to avoid a probate
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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