[WSBAPT] re-recording a deed

[Heather deVrieze]

I agree with Paul and Eric. Only an individual can execute a TOD deed, because individuals have deaths, and trusts don’t. It is the same reason you can’t name a TOD beneficiary on brokerage accounts held in a trust, and why an Individual Retirement Account cannot be held by a trust.

Heather

Heather S. de Vrieze
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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Grant
Sent: Tuesday, May 09, 2017 7:07 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] re-recording a deed

My instinct is to agree with Eric and take it in two steps.  Then I saw the second comment so I went to the statute and saw "Person" defined as an individual.... trust, etc (RCW 64.80.010).  I thought, great, a trust can be a person.  But the term "person" is only used when referring to a beneficiary and the word "individual" is used everywhere else.  As such, I would suggest you take the deed out of trust and give it back to the individual (record, reet, etc), then do a second step and record the beneficiary deed.

Based off of the language of the statute it would be my opinion that only an individual can utilize the ben deed so better to be safe with a new statute as Eric stated.


Paul H. Grant - JD, LL.M

Planning with Purpose, Inc
Lynnwood, WA 98036
425-939-9948
www.planningwithpurposeinc.com<http://www.planningwithpurposeinc.com>

Estate Planning. Business Planning. Wealth Succession.

On Mon, May 8, 2017 at 4:43 PM, J Richard McEntee, Jr. <jrmcentee at gmail.com<mailto:jrmcentee at gmail.com>> wrote:
Hello,

I have a client who was advised several months ago to create a revocable living trust and to deed real property to the trust. She has now changed her mind and wants, instead to create a transfer on death deed to handle the disposition of the property.

At this point, a deed was recorded transferring title to the trust as opposed to the trustee of the trust. Client is the trustee. I am attempting to determine the most efficient way to clear up the situation and have title in the status of Transfer of Death. Should she re-record the deed to correct the defect and transfer title to the trustee; then have the trustee transfer title back to the client; who can then create a transfer on death deed? Is there a short cut that will save document drafting and recording fees? Could I re-record the deed to reflect the client and the pay on death beneficiary as the grantee instead of the trust?

Please share your thoughts?

Thanks
Rich

RICH McENTEE
McENTEE LAW OFFICE
3800 Bridgeport Way W, Ste A411
University Place, WA 98466
253.227.9894<tel:(253)%20227-9894>(m)
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