[WSBAPT] Non-Routine Transactions

[Rebecca King]

I think you hit the nail on the head, Jacob, with regard to giving Trustee’s a break.  Also, from a practical perspective, it is incredibly cumbersome to deal with RCW 11.100.140 as it relates to the sale of real property.  The language specifically stating that a trustee “shall not enter” into any binding agreements (purchase and sale agreements!) without serving notice to the trust beneficiaries at least twenty days prior can create issues.  No buyer wants to wait 20 days for the seller to enter into a purchase and sale agreement.  We usually get the express written permission from the beneficiaries for the trustee to enter into a purchase and sale agreement with the buyer immediately, rather than having to wait for the 20 day notice period to run.

Warmest regards,
Rebecca King
Attorney

Northwest Elder Law Group
2150 N. 107th Street, Suite 501
Seattle, WA 98133
Main: (206) 937-6102
Direct: (206) 866-6544
Fax: (206) 960-4021

Providing Services in Elder Law

CONFIDENTIALITY NOTICE: This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and privileged information protected by law. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, please contact the sender by reply e-mail and destroy all copies of the original message.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jacob Menashe
Sent: Sunday, September 23, 2018 8:45 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Non-Routine Transactions

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<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto: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<mailto: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

[whiteRKCS_newlogo50_email_sig]

Rodgers, Kee & Card, P.S.
324 West Bay Drive NW, Suite 201
Olympia, Washington  98502

Phone: 360-352-8311
Facsimile: 360-352-8501
Email: tjw at buddbaylaw.com<mailto:tjw at buddbaylaw.com>
Skype: thomas.westbrook
www.buddbaylaw.com<http://www.buddbaylaw.com/>

The information contained in this email and attachment(s) are for the exclusive use of the addressee(s) and may contain private, privileged and/or confidential information.  If you are not the addressee, you are strictly prohibited from reading, photocopying, distributing or otherwise using this email or its contents in any way. If you have received this communication in error, please notify us immediately by telephone at 360-352-8311 or by e-mail to shannon at buddbaylaw.com<mailto:shannon at buddbaylaw.com>, and destroy the original message from your electronic files.




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

___________________________
Jacob H. Menashe
Hickman Menashe, PS
4211 Alderwood Mall Blvd., Suite 202
Lynnwood, WA 98036
(425) 744-5658 phone
(425) 744-6078 fax
Satellite Office in Bellevue
www.hickmanmenashe.com

CONFIDENTIALITY: The contents of this message and any attachment(s) may contain confidential or privileged information. Any disclosure, copying, distribution, or unauthorized use of the contents of this message is prohibited and doing so may destroy the confidential nature of the communication.  If you have received this message by mistake, please do not review, disclose, copy, or distribute the e-mail.  Instead, please notify us immediately by replying to this message or telephoning us at (425) 744-5658.


-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20180923/b5c0e45c/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 15390 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20180923/b5c0e45c/image001.jpg>