[WSBAPT] Minors as Beneficiaries of an IRA

Sun Sep 9 13:51:23 PDT 2018

I have a similar issue.  I am working on a probate in which the decedent
left the residue of his estate to minors.  (nieces and nephews in Mexico).
There are about eight minors in all that get an equal share.  There is a
house to be sold and a vehicle.  How do I get the proceeds to these minors?

Thanks,
Jenna Brozik
Attorney at Law
Prinz & Brozik PLLC
445 S Grand Ave
Pullman, WA 99163
(509)338-0908 / (509) 338-3527 (fax)
jennaprinzlaw at gmail.com

On Thu, Sep 6, 2018 at 2:24 PM Nicholas Pleasants <nick at pleasantslaw.com>
wrote:

> Yes, Legal Guardianship of the Estate is the usual requirement for assets
> inherited by minors. I gave a CLE on the topic last fall for the Workers
> Comp group as LNI sometimes will waive the guardianship requirement, but
> most other institutions will not (materials attached for your reference).
> You may inquire about it going into a custodial account but as Wells Fargo
> points out that would usually need to be designated in advance. I have had
> success establishing custodianship after the fact for life insurance
> proceeds, but not for an IRA.
>
> Another interesting procedure might be a TEDRA Non-Judicial Agreement to
> amend the beneficiary form. I have had success with this where Edward Jones
> was the administrator of the IRA. I’m not sure how willing Wells Fargo
> would be to accept an amended designation by court order after the fact. To
> do this, you would need all of the beneficiaries of the estate to consent
> to changing the beneficiary of the IRA to be a custodian or a trustee for
> the benefit of the minors. Perhaps you could gauge the willingness of Wells
> Fargo to accept such a court order before embarking on the TEDRA route.
>
>
>
> Best,
>
> Nick Pleasants
>
>
>
> *Nicholas Pleasants*
>
> James Pleasants, P.C.
> 2300 130th Ave NE, Suite A-101
> Bellevue, WA 98005-1755
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> (425) 497-0799 fax
> nick at pleasantslaw.com
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> *From:* Tom Pixton <tom at pixtonlaw.com>
> *Sent:* Wednesday, September 05, 2018 3:17 PM
> *To:* wsbapt at lists.wsbarppt.com
> *Subject:* Re: [WSBAPT] Minors as Beneficiaries of an IRA
>
>
>
> Yes,
>
> This is why we write trusts for underage beneficiaries and direct the IRA
> benefits to those trusts.  In your case, Wells will likely have to release
> control of the inherited IRA at age 18 – not usually a good plan.
>
> Tom
>
> ________________________________________________
>
> Tom Pixton
>
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> *From:* wsbapt-bounces at lists.wsbarppt.com [
> mailto:wsbapt-bounces at lists.wsbarppt.com
> <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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