[WSBAPT] Possible to Reject a TOD?

Tue Dec 3 07:55:26 PST 2019

I must be missing something in my old age, but why doesn’t he just take the
money and then distribute the way the decedent had wanted in the Will?

Sincerely,

Tom

Thomas J. Westbrook

Attorney at Law

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*From:* wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
*On Behalf Of *Lewis, Amy C.
*Sent:* Monday, December 02, 2019 5:06 PM
*To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
*Subject:* Re: [WSBAPT] Possible to Reject a TOD?

My recollection is that a disclaimer by a non-spouse beneficiary has to be
complete, meaning he can’t disclaim TOD and still take his share under the
probate.  See § 25.2518-2(a)(5).  Only a surviving spouse can disclaim in
one capacity and still take in another.

Amy Lewis, Attorney

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1201 Pacific Avenue, Suite 1200| Tacoma, WA 98402
phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com

*From:* wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
*On Behalf Of *Philip N. Jones
*Sent:* Monday, December 2, 2019 4:49 PM
*To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
*Subject:* Re: [WSBAPT] Possible to Reject a TOD?

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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