[WSBAPT] Disclaimer Trust, Joint Asset

[Josh Grant]

It seems to me that the decedent’s share (probably 1/2 interest) as an “interest in common” always go wherever the will says it goes.

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Paul Grant 
Sent: Wednesday, April 18, 2018 11:58 AM
To: Probate & Trust Listserv 
Subject: [WSBAPT] Disclaimer Trust, Joint Asset

I think I intuitively know my answer, but I am hoping I am missing something... 

Very simple disclaimer trust in a will.  Clients owned house in joint name, deed reads:  HUSBAND NAME and WIFE NAME, husband and wife, for and in consideration.... 

My run down:  obviously a joint property and community property.  However, without any affirmative acknowledgment of "with rights of survivorship" or "as tenant in common" etc, I believe that title between spouses is held as an interest in common.  RCW 64.28.020.

RCW 64.28.010 states that to create a joint tenancy (which gives survivorship rights) that " Joint tenancy shall be created only by written instrument, which instrument shall expressly declare the interest created to be a joint tenancy. "

So, now I am missing if an "interest in common" is able to move through the will to the disclaimer trust.  I believe my answer is yes, as it does not give surviviorship rights automatically and therefore the interest could have been severed during the decedent's lifetime.  Therefore, the will can direct the portion of the decedent by will.

I'm not saying that it is wise!  Creating a dual ownership between surviving spouse and the disclaimer trust can present its hardships for insurance, selling, etc.  I'm just making sure that I am not missing something legally in my analysis as to the real property being directed by the will versus having a right of survivorship to the spouse.

I am open and need any insight to make sure I am seeing the everything properly!  Thank you!


Paul H. Grant - JD, LL.M

Planning with Purpose, Inc
Lynnwood, WA 98036
425-939-9948
www.planningwithpurposeinc.com

Estate Planning. Business Planning. Wealth Succession.



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