[WSBAPT] Minors as Beneficiaries of an IRA

Tue Sep 4 16:28:21 PDT 2018

Take a look at 11.114.070-090 and see if there is a way around this under
those sections. It may depend on whether the amount to each GK is over $30K.

Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mark Reinhardt
Sent: Tuesday, September 04, 2018 4:07 PM
To: 'WSBA Probate & Trust Listserv'
Subject: [WSBAPT] Minors as Beneficiaries of an IRA

Dear Listmates,

An IRA owner (grandfather) died, listing two minors (grandchildren) as
beneficiaries.  Accordingly, the parents of the minors have reached out to
Wells Fargo, the IRA custodian, to establish inherited IRAs for the minors.
Unfortunately, grandfather did not specify a custodian in his beneficiary
designations.  Wells Fargo is taking the position that the parents need a
Letter of Guardianship specifying that they are the responsible parties for
handling the minors' estates.  

Has anyone run into this before?

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