[WSBAPT] Transfer to Trust

[Lewis, Amy C.]

Some financial institutions open a new account for the trust and transfer assets from the individual account to the new trust account.  If that is the case, then a beneficiary designation wouldn't necessarily carry over to the new account.


Amy C. Lewis, Attorney

[cid:logo846d9e]

ESTATE PLANNING & PROBATE

1201 Pacific Avenue, Suite 1200 | Tacoma, WA 98402
phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com<http://www.eisenhowerlaw.com/>

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of John Creahan
Sent: Friday, January 19, 2018 4:50 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] Transfer to Trust

Mark,
I suspect the answer depends on the type of trust that receives the funds. The POD feature may still apply when the asset is held in a revocable living trust, but the rules are likely different for other types of trusts. Even with an RLT, I would very carefully review the account documents to ensure that the funds will be distributed in a manner consistent with the grantor's intentions.
My $.02.
John

John Creahan
www.cairn-law.com<http://www.cairn-law.com/>
Now located in the heart of Fremont
3417 Evanston Ave. N, Suite 312
Seattle, WA 98103
206-578-5877


From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Tracie Wall
Sent: Friday, January 19, 2018 12:55 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Transfer to Trust

Mark:

You are correct.  We fund a lot of Trusts with various investment accounts/financial assets/insurance policies. The Trust is often the owner of the asset but not the beneficiary.

Tracie


Tracie L. Wall  |  Attorney
CPA - Inactive
VA Accredited
Law Office of Tracie L. Wall and Associates
51 W Dayton St., Suite 305  |  Edmonds, WA 98020
Tel + 425.670.1560  |  Fax + 425.361.1512  |  www.traciewalllaw.com<http://www.traciewalllaw.com/>



From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mark Vohr
Sent: Friday, January 19, 2018 10:25 AM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Transfer to Trust

I was told that if a POD investment account is transferred to a trust, the POD beneficiary designation is lost and the trust becomes the beneficiary.  I don't agree, I think the beneficiary stays the same regardless of who owns the account (individual or trust).  In order to make the trust the beneficiary, one would also have to change the beneficiary designation.

Am I correct?

Mark


Ohana Fiduciary Corp.
Ohana Financial Services

Mark C. Vohr, J.D., CPG, Principal
PO Box 33710  Seattle, WA  98133
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com<mailto:mcv at ohanafc.com>      www.ohanafc.com<http://www.ohanafc.com/>


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