[WSBAPT] Non-Routine Transactions

[Jacob Menashe]

Thank you Tom – I totally agree. I guess I’m still scratching my head why it might make sense from the trustor’s perspective to waive the provision -- other than to give a well-intended trustee a break.

Best,

Jacob

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Tom Westbrook
Sent: Friday, September 21, 2018 4:29 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Non-Routine Transactions

Hello Jacob,

I have nothing better to offer her than common sense and best practice. Any Trustee or PR that elects to sell property over which they have a fiduciary duty to any beneficiary would be foolish not have at least a BPO if not a full appraisal. The cost is meaningless but the information obtained and protection is priceless.

Although I have never seen the prudent investor rule extended to sales of estate or trust assets, I would expect one could successfully argue a prudent seller rule.

Happy Friday!

Sincerely,

Tom

Thomas J. Westbrook
Attorney at Law

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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Jacob Menashe
Sent: Thursday, September 20, 2018 3:31 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Non-Routine Transactions

Hello all,

I had a client ask a good question. A trust she was looking at waived the RCW 11.100.140 non-routine transaction requirement, in cases where the rule applies, to get an independent appraisal or sell on the open market. Her question was, why would you want to do that? She said maybe she saw the point if an asset would be very hard to appraise but she asked why, in general, wouldn’t you at least want the trustee to get an appraisal before selling off the market. I believe a lot of trusts out there waive the requirement and, like my client, I am scratching my head as to why. Any thoughts?

Best,

Jacob

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