[WSBAPT] IRA with "Estate" beneficiary, and RCW 11.62 small estate affidavit

Thu Mar 7 13:17:58 PST 2019

Hi Eric-I believe this issue just came up on the Oregon EP listserv. I don't
have time to check at moment but I believe one option suggested was have
custodian write check to estate, use law firms EIN if necessary (and file
1099s later), deposit into lawyer trust account and then distribute to
beneficiaries. I have no idea if that would work but it did seem creative
and efficient. Good luck, Cy

Cyrus W. Field, Attorney at Law (admitted in Washington and Oregon)

phone: 360-472-1223 Mail: POB 367, Shaw Island, WA 98286 Office: 640 Mullis
St. Friday Harbor, WA

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From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Eric Nelsen
Sent: Thursday, March 07, 2019 11:51 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] IRA with "Estate" beneficiary, and RCW 11.62 small
estate affidavit

No, not based on the information I have from the custodian. It's pretty
clear that they want to (A) transfer the decedent's IRA investments into an
"Estate IRA" with an EIN tied to the Estate, and then (B) let the PR direct
them how to distribute the new Estate IRA. They don't want to collapse the
steps and allow direct transfer to the three heirs.

Sincerely,

Eric

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1417 31st Ave South

Seattle WA  98144-3909

phone 206-625-0092

fax 206-625-9040

From: wsbapt-bounces at lists.wsbarppt.com
[mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Jane Bitz
Sent: Thursday, March 07, 2019 11:29 AM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] IRA with "Estate" beneficiary, and RCW 11.62 small
estate affidavit

Eric:

Will the IRA custodian consider distributing directly to the three
beneficiaries of the "estate" with the proper documentation, essentially
each heir claiming their 1/3 using the lack of probate affidavit? 

Jane Bitz.

Jane G Bitz

Of Counsel

Wolff, Hislop & Crockett, PLLC

12209 E Mission, Suite 5

Spokane Valley WA 99206-4824

(509) 927-9700; FAX (509) 777-1800

jbitz at whc-attorneys.com <mailto:jane at jbitzlaw.com> 

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Thank You.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com>
On Behalf Of Eric Nelsen
Sent: Thursday, March 7, 2019 11:04 AM
To: WSBA Probate & Trust Listserv (wsbapt at lists.wsbarppt.com)
<wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] IRA with "Estate" beneficiary, and RCW 11.62 small estate
affidavit

I didn't think this was a first for me, but maybe it is--

Decedent had a small IRA that had the default "estate" beneficiary. Total
value less than $30,000.

Submitted a small estate affidavit directing distribution to my client, for
my client's account and also as agent for the other two heirs. Obviously my
client isn't the PR of the Estate, but just a "successor" entitled to submit
the affidavit, and also agent for the other heirs per their authorizations.

Custodian of the IRA refuses to distribute, because the "Estate" is the
beneficiary, and therefore there must be a PR appointed who can receive the
money on behalf of the "Estate."

Is there no way around starting a probate in this scenario? I am thinking my
client is stuck with starting a probate.

Sincerely,

Eric

Eric C. Nelsen

SAYRE LAW OFFICES, PLLC

1417 31st Ave South

Seattle WA  98144-3909

phone 206-625-0092

fax 206-625-9040

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