[WSBAPT] Trust Administration

[Paul Neumiller]

Thanks for your thoughts.  Those are great ideas.  -Paul Neumiller
 

-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Philip N. Jones
Sent: Thursday, August 30, 2018 10:57 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Trust Administration

Yes, it sounds entirely legit to ask for that sort of information.  
But if your client wants to be extra cautious, he could:
1.  Set up a new brokerage account, as you suggest.
2.  Ask for a check for the cash portion, rather than giving out his account number and routing number.  Or create a new account and put only $100 in it.
I was just told a few days ago by the loss prevention people at the Professional Liability Fund of the Oregon State Bar that con artists no longer try to give you a bogus check to put in your account  (after which they will ask for a very prompt refund of most of it, leaving you holding the bag when their check bounces long after you wrote your check back to them).  Instead, they ask for your account number and routing number, and then they have ways of helping themselves.  
When your client gets the check, he should deposit it, and then wait a long time before writing a check on it.
But this does sound legit.
Phil Jones

-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Paul Neumiller
Sent: Thursday, August 30, 2018 10:46 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Trust Administration

I don't think there is a problem here but I'm in uncharted waters.  Met with PC who has received a inch thick "petition" for court approval of a distribution from a trust set up by a very distant relative.  Over 125 intestate heirs and litigation has been ongoing in Delaware.  The trust attorneys say the trust has about $18 mil.  Client suspects it might be a scam but I have reviewed a number of formal pleadings and spoken with the Court of Chancery in Delaware and they have confirmed that it is an actual case, the case is in the posture that the attorneys for the trust represented, and the attorneys are well-known in the area and are legitimate.  The trust attorneys have an extensive webpage that looks legit and client has spoken with the trust attorneys who urge him to consult with his own attorney here in Washington.  Client recognizes the name of his grandfather in the pleadings and client is inheriting through his grandfather.  OK so far, but attorneys for the trust are!
  requesting that the client provide:  1.  an IRS W-9 form (requesting client's SSN) and 2. distribution instructions like bank account routing numbers for direct deposit or addresses for mailing of checks) and investments accounts because there is also going to be a distribution in kind of share of stock.   I have advised client to discuss the matter with his Charles Schwab broker and set up a dummy account to accept funds and shares of stock, if necessary, to provide client with peace of mind.  I imagine that the trust attorney's request is legitimate and normal but I told the client that I would bounce this concept off of this august body since I don't deal in this level of trusts.  

What say you?  Is this the type of information that a trust attorney should be requesting in order to complete a court approved distribution plan?  




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