[WSBAPT] Co-Personal Representatives

[Kate Szurek]

If your clients don’t care about either of the co-PRs being able to act unilaterally, then we set that up at the get-go.
Petition says:
Authority to Act Unilaterally.  Petitioners request that the Court grant them the authority to delegate to each other the power to act alone as personal representative, without the joinder of the other, which delegation is for the convenience of the co-personal representatives and to save fees and costs to the estate, with such delegation of authority relieving third parties, but not the co-personal representatives, from liability for any actions so taken.  In making this request, the Petitioners hereby acknowledge that actions taken pursuant to such delegation of authority shall not relieve the co-personal representatives, or either of them, from their fiduciary duty to the Estate.

Order says:
The Co-Personal Representatives are each granted the authority to delegate to one another the power to act alone, in which case their powers may be exercised independently and third parties will be entitled to rely upon such delegation of authority; but in no event shall any Co-Personal Representative be relieved of his or her full fiduciary duty to the estate, regardless of which Co-Personal Representative may have acted.

Letters Testamentary say:
This is to certify that X and/or Y is authorized by this court to execute the will of the above named decedent according to law.

If two signatures will be required, there aren’t many banks that want to monitor for that.  The only ones I can think of are the small, local banks.

Kate

Kate Szurek, J.D., LL.M.
kate at skagitlaw.com<mailto:kate at skagitlaw.com>

[SkagitLaw_Signature (2)]
Skagit Law Group, PLLC
P.O. Box 336 / 227 Freeway Drive, Suite B
Mount Vernon, WA  98273
360.336.1000
360.336.6690 (fax)
http://www.skagitlaw.com<http://www.skagitlaw.com/>



From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Timothy L. Austin
Sent: Thursday, December 21, 2017 10:48 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Co-Personal Representatives

Listmates,

I have an estate with 2 Co-PRs, and am in the process of assisting them in setting up an estate checking account. The national bank with which I am dealing indicates that they believe that joint signatures would be required on the account. That said, they also indicated that the bank cannot accommodate a multiple signature account. Further, they will not set up an account requiring just a single signature absent a court order.  I’ve never encountered this problem in the past, but then again, I’ve only been practicing for 40+ years.  Are there any reasonable banks left out there, or failing that, what is the best work-around?

Regards,

Tim

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Timothy L. Austin
Direct Dial: (425) 450-3307| Fax: (425) 450-3310
Email: taustin at nwtaxlaw.com<mailto:taustin at nwtaxlaw.com>| Website: www.bettsaustin.com<http://www.bettsaustin.com/>

Street Address:                                           Mailing address:
11120 NE 2nd Street - Suite 200                P.O. Box 53050
Bellevue, WA 98004                                   Bellevue, WA 98015-3050

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