[WSBAPT] Possible to Reject a TOD?

[Diane J. Kiepe]

Brent,

I believe a disclaimer would pas the property in accordance with the bank contract if any and if not, to his descendants as if he predeceased and if none, then in the form of intestacy which may or may not be the 7 folks you mentioned.  A disclaimer in this case is only effective if the asset finds it’s way to the estate which I have found in practice happens half the time.

It would be much simpler to get the money and make the payments (then he would also get a nice income tax deduction).  The only potential warning is if any of the accounts are qualified plans because he will then have to pay income tax on that asset.

Happy to talk it through if you are so inclined.


Diane J. Kiepe

Diane J. Kiepe
Douglas Eden
717 W. Sprague Ave.
Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300



From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Monday, December 2, 2019 4:31 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Possible to Reject a TOD?

Good Afternoon List -

I have an estate where the oldest son (also the Executor) was listed as a TOD on all of by his mother's bank accounts, except for $27,000.  He wants to honor her wishes and distribute in accordance with the terms of her Will which had $30,000 in charitable donations and then an equal division between 7 people.

Is is possible to simply disclaim an interest in a TOD? He was his mother's POA but did not realize that years ago she added him to all of her bank accounts as the TOD.

Appreciate any thoughts,
Brent

Brent Williams-Ruth
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

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