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

Thu Mar 7 15:07:03 PST 2019

Andrekita, how did you file the Affidavit?  Did you use a standard masthead, and if yes, who did you put as the parties?  Was the cause number as a civil action or a probate action, or ???  Thanks, I’m just trying to figure out how you did this because I suspect the court clerks in my county would reject filing the Affidavit.

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Andrekita Silva
Sent: Thursday, March 7, 2019 2:35 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] IRA with "Estate" beneficiary, and RCW 11.62 small estate affidavit

Eric

I had a similar situation this past summer.  I had a small estate and one of the asset holders of some stock options insisted on an EIN and insisted that the asset needed to be distributed to the estate, not the beneficiary.

After a few rounds of communication, explaining the whole purpose for the small affidavit procedure being to avoid the cost of probate), etc. and getting nowhere, I filed the small estate affidavit with the court.

I sent the conformed copy of the affidavit (with its cause number and date stamp received by courthouse) to the asset holder with a copy of the statute and again, explained the purpose of the statute. I do not ordinarily file the small estate affidavit with the court.  But, in this case, it seemed to do the trick. The asset holder had many different versions of forms and finally came up with the one that addressed our situation.

So, if you haven’t filed the affidavit and gotten a cause number, try that.

andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com<http://www.seattle-silvalaw.com>

Quoting Eric Nelsen <Eric at sayrelawoffices.com<mailto:Eric at sayrelawoffices.com>>:
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> [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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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 Eric Nelsen
Sent: Thursday, March 7, 2019 11:04 AM
To: WSBA Probate & Trust Listserv (wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>) <wsbapt at lists.wsbarppt.com<mailto: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

andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com<http://www.seattle-silvalaw.com>
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