[WSBAPT] Brokerage accounts

[Heather de Vrieze]

I have had success sending copies of the relevant statutes along with the following:

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I appreciate that Washington State handles community property estates differently than other states and you or BROKER may not be entirely familiar with the effect of Community Property Agreements at the death of one spouse. Hopefully this letter will address your concerns.

Community Property agreements are binding contracts between spouses, authorized by state law, (Revised Code of Washington (RCW) Chapter 26.16.120). I forward a copy of this statute for your reference. These agreements have the effect of vesting ALL assets owned by either spouse, as separate property, or as community property, in the surviving spouse. When such agreements are in effect at death, there is no need for Court administration of the property which is the subject of such agreement.

DECEASED and SURVIVOR had such an agreement in effect when he died. Paragraph 2 of the agreement, previously provided, references the property covered. Therefor, no administration of DECEASED's estate is necessary or appropriate now that the agreement has been "certified in the same manner as deeds to real estate are required to be" as required by the statute. Only the Superior Court may set aside these agreements; it has not. If an affidavit confirming the Agreement was in effect at death and creditors are paid or provided for would be helpful, SURVIVOR can provide such an affidavit upon request.

In accordance with the agreement and state law, all property owned by DECEASED at the time of his death is now vested in his wife. If BROKER cannot follow this provision of Washington law without further Court order, I will seek such an order, and, as authorized by RCW 11.96A.150 (also forwarded herewith) may seek an award of costs, including attorney fees, to SURVIVOR. I hope with this information, this account can be transferred without further delay.
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Very frustrating though.

Good luck

Heather S. de Vrieze
Attorney-at-Law
[cid:image003.jpg at 01D56406.2D639520]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<http://www.westseattlelaw.com/>
Click here to connect with de Vrieze | Carney on Facebook:   [FB Logo] <https://www.facebook.com/DeVriezeCarney>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of John McCrady
Sent: Thursday, September 05, 2019 3:59 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
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<mailto:j.mccrady at pstitle.com>

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