[WSBAPT] Possible to Reject a TOD?

[Marvin Benson]

What about treating it as intended to be in trust to the oldest son for the
benefit of the beneficiaries in her will?

Marvin Benson

On Mon, Dec 2, 2019 at 4:52 PM Philip N. Jones <pjones at duffykekel.com>
wrote:

> This question usually comes up in connection with joint accounts, and the
> son needs to decide whether mom really intended him to inherit, or were
> they merely convenience accounts.  But in your case, the accounts are TOD,
> so it appears that mom intended son to receive the accounts on death,
> unless mom thought TOD was simply a way to avoid probate.
>
> If he disclaims the TOD designation, do the accounts pass to his children,
> or to the estate?  Hi might consider disclaiming the TOD designation, but
> specifically state that he is not disclaiming an interest in the probate
> estate.
>
> On the other hand, he might simply make gifts to his siblings, if he
> believes that he will never have a federal taxable estate.
>
> Phil Jones
>
> Portland, OR
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Brent Williams-Ruth
> *Sent:* Monday, December 02, 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*
>
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>
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>
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