[WSBAPT] Brokerage accounts

[J A Cyphers]

Look at the following and see if it will work for you:
RCW 11.02.120
Transfer of shares—Liability.
Neither a domestic or foreign corporation or its registrar or transfer agent
shall be liable for transferring or causing to be transferred on the books
of the corporation to or pursuant to the direction of the surviving spouse
or the surviving domestic partner any share or shares or other securities
theretofore issued by the corporation to the deceased or surviving spouse or
both, or to the deceased or surviving domestic partner or both, if the
corporation or its registrar or transfer agent shall be provided with the
following:
(1) A copy of an agreement which shall have been entered into between the
spouses or between the domestic partners pursuant to RCW 26.16.120 and
certified by the auditor of the county in this state in whose office the
same shall have been recorded;
(2) A certified copy of the death certificate of the deceased spouse or
deceased domestic partner;
(3) An affidavit of the surviving spouse or surviving domestic partner that:
(a) The shares or other securities constituted community property of the
spouses or the domestic partners at date of death of the deceased spouse or
deceased domestic partner and their disposition is controlled by the
community property agreement;
(b) No proceedings have been instituted to contest or set aside or cancel
the agreement; and that
(c) The claims of creditors have been paid or provided for.
 
 
 
 
Jackie Cyphers
Jeannette A. Cyphers, Attorney at Law
P. O. Box 908   
Edmonds, WA 98020-0908
425-776-5887
fax 425-640-0814
jacyphers at gmail.com
 
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-------Original Message-------
 
From: John McCrady
Date: 9/5/2019 4:00:23 PM
To: WSBA Probate & Trust Listserv
Subject: [WSBAPT] Brokerage accounts
 
My previous inquiry needs to be modified.  My friend’s recently decease
spouse had a brokerage account with a subsidiary of Umpqua Bank, and not a
standard bank account.
The firm is not accepting a certified copy of the Community Property
Agreement, Death Certificate and Affidavit of Surviving Spouse and is
requiring letters testamentary in order to release the funds.
Can anyone point me toward statutory authority in this regard?
Thanks
 
John McCrady
Counsel
Puget Sound Title Company
5350 Orchard Street West
University Place WA 98467
253-476-5721
j.mccrady at pstitle.com
 
 
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