[WSBAPT] Possible to Reject a TOD?

[Philip N. Jones]

Only if the facts supported that assertion.  The original post gave no hint of any such facts.  We can’t create facts.
Phil Jones

Philip N. Jones
Duffy Kekel LLP
Portland, OR
pjones at duffykekel.com
(503) 226-1371

On Dec 2, 2019, at 5:15 PM, Marvin Benson <marvinbensonlaw at gmail.com> wrote:


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

Office/Scheduling Phone: (425) 830-5134

Direct Mobile: (206) 889-7919

e-mail<mailto:Brent at Williams-RuthLaw.com> / website<http://www.Williams-RuthLaw.com/> / facebook<http://www.facebook.com/bwrconsults> /

As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the new points of contact Brent at Williams-RuthLaw.com<mailto:Brent at Williams-RuthLaw.com> and www.Williams-RuthLaw.com<http://www.Williams-RuthLaw.com>

***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>
http://mailman.fsr.com/mailman/listinfo/wsbapt
***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com
http://mailman.fsr.com/mailman/listinfo/wsbapt
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20191203/3782cf7a/attachment.html>