[WSBAPT] Distribution to Missing Heirs

Thu Jan 19 15:09:12 PST 2017

I have always maintained that the monies must be turned over to the Department of Revenue under the unclaimed property statute since it references heirs and rightful owners.  This is the same for trust account monies to be distributed when client can no longer be found.

About Unclaimed Property
Unclaimed property refers to property being held by an organization that has not had contact with the owner for an extended period of time. Property is usually considered unclaimed after three years, when it is turned over to the state of Washington. Banks, retailers, credit unions, utilities, corporations, insurance companies, and governmental entities are some of the many sources of unclaimed property.
The Department of Revenue is the custodian for unclaimed property, and it administers an unclaimed property program to seek the rightful owners.
Typical unclaimed property includes:

  *   Bank accounts
  *   Insurance proceeds
  *   Stocks, bonds and mutual funds
  *   Safe deposit box contents
  *   Utility and phone company deposits
  *   Uncashed checks, such as payroll, insurance payments, or travelers checks
Unclaimed property does not include real estate, vehicles, and most other physical property.
Unclaimed Property Law
(Chapter 63.29<http://app.leg.wa.gov/RCW/default.aspx?cite=63.29>)
State law protects unclaimed property until it can be returned. There is no time limit for filing a claim and rightful owners or their heirs can claim property reported since 1955. The state may auction the content of safe deposit boxes, however, if not claimed within five years.
The State's Role
The Department of Revenue administers an unclaimed property program as a free public service. More than $1 billion in unclaimed property has been turned over to the Department of Revenue since 1955. In fiscal year 2013, the Department's Unclaimed Property Section received property worth more than $138 million. The amount continues to grow each year. All funds are received and administered through the Department's Unclaimed Property Program.
Changes for Owners Claiming Securities - RCW 63.29.220
Securities to be Converted to Cash
Legislation effective December 20, 2011, directs the department to sell securities upon receipt as soon as practicable. If you submit a claim for securities and the Department has not ordered those securities sold, you may elect to have the securities returned or receive the net proceeds of the sale. If the Department has ordered the sale of a security, owners may only claim the net proceeds as of the date of sale.

Dalynne Singleton

Gourley Law Group
Snohomish Escrow
The Exchange Connection
1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.329.4079
360.568.8092  fax
dalynne at glgmail.com<mailto:dalynne at glgmail.com>

LICENSED IN WASHINGTON AND OREGON
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Marcus Fry
Sent: Thursday, January 19, 2017 2:58 PM
To: WSBA Probate & Trust Listserv (wsbapt at lists.wsbarppt.com) <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Distribution to Missing Heirs

I have a probate with thirteen siblings at heirs.  With regard to one sibling, no one knows where he is at, and they speculate he is probably in Mexico.  No one has any way to reach him.  His share of the estate is $5k.  Besides the Absentee statute, has anyone obtained court approval to disburse to the unclaimed property division of the Dept. of Revenue? I am open to any other suggestions that a court has approved as well!

Thank you,

Marcus J. Fry
Lyon, Weigand & Gustafson, P.S.
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