[WSBAPT] Minors as Beneficiaries of an IRA

Tue Sep 4 17:36:28 PDT 2018

I have in the case of a minor named as the beneficiary on life insurance. It was relatively simple to Petition the Court for a Guardianship of the Estate only. If it's a stable family situation, ask to waive the requirement of a GAL and go directly to appointment of the parents.
Jane Bitz.

Jane G Bitz
Of Counsel
Wolff, Hislop & Crockett, PLLC
12209 E Mission, Suite 5
Spokane Valley WA 99206-4824
(509) 927-9700; FAX (509) 777-1800
jbitz at whc-attorneys.com<mailto:jane at jbitzlaw.com>
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Mark Reinhardt
Sent: Tuesday, September 4, 2018 4:07 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
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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