[WSBAPT] TOD alternate beneficiary?

Thu Apr 9 11:59:39 PDT 2020

Although this is not good authority, I just received a TOD deed from an attorney in Indiana , dealing with Indiana real property, which contained a 2 beneficiaries or the survivor of them if one does not survive Grantor.  FYI

Joshua F. Grant

P. O. Box 619
Wilbur, WA 99185
509 647 5578

From: Mike Winslow 
Sent: Thursday, April 09, 2020 9:17 AM
To: 'WSBA Probate & Trust Listserv' 
Subject: Re: [WSBAPT] TOD alternate beneficiary?

The author of the article, Al Falk, has been an active member of the RPPT committee and is a past chair of the WSBA Tax committee.           In addition, if memory serves, Al worked on the bill with the legislature on behalf of WSBA. That is why he was asked to write on this topic for the Newsletter.

RCW 64.80.100

(1) Except as otherwise provided in this section, or in RCW 11.07.010, and 11.05A.030, on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death:

(a) Subject to (b) of this subsection, the interest in the property is transferred to the designated beneficiary in accordance with the deed.

(b) The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses.

(c) Subject to (d) of this subsection, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.

(d) If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one which lapses or fails for any reason is transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently.

The code says that if the transferee predeceases Grantor, then the transfer lapses as to the deceased transferee. But with multiple transferees, the interest passes to the survivors of the group of transferees. 

Nothing in this code says that you cannot not name alternate, contingent beneficiaries. I have heard Al speak on this issue and he has always taken the position that multiple contingent beneficiaries are permitted under the code.

Michael A. Winslow

1204 Cleveland Ave.

Mount Vernon, WA 98273

Ph. 360-336-3321

Em. Mike at winslegal.com

This message is from an attorney, so it’s confidential. If you are not the intended recipient, it’s too late to stop reading this message, but you may not use it for any improper purpose. Huge Disclaimer available upon request.

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Lovie Bernardi
Sent: Wednesday, April 08, 2020 3:47 PM
To: WSBA Probate & Trust Listserv
Subject: Re: [WSBAPT] TOD alternate beneficiary?

Here’s an article that came out in the RPPT Newsletter in 2014, which states you CAN provide for an alternate beneficiary, and includes a sample deed with an alternate beneficiary. I don’t know what authority the author of the article relied upon to conclude there can be an alternate beneficiary.

Lovie

Lovie L. Bernardi

Flaherty & Bernardi, PLLC

3600 15th Avenue West #205

Seattle, WA  98119

(206) 682-2616

lovie at fb-lawfirm.com

http://fb-lawfirm.com

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Heather de Vrieze
Sent: Wednesday, April 08, 2020 3:13 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] TOD alternate beneficiary?

Naming an alternate beneficiary is not contemplated under the law. It will not have any effect, and I might even worry that it would cause the initial designation of the primary beneficiary to fail. This is what Wills are for.

Heather

Heather S. de Vrieze
Attorney-at-Law

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

heatherd at westseattlelaw.com 

www.westseattlelaw.com 

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sara D. Longley
Sent: Wednesday, April 08, 2020 1:46 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] TOD alternate beneficiary?

Hello listmates,

I have prepared a few Transfer on Death Deeds, but this is my first where the Grantor is requesting that we include an alternate beneficiary.  In reviewing the statute it appears that there is no provision for naming an alternate, non-concurrent beneficiary. 

If I include alternate beneficiary language in the deed will it have any effect? 

Thanks for your wisdom, and stay safe!

Sara Longley

Sara D. Longley

Ivy Law Group, PLLC

1734 NW Market Street

Phone: (206) 706-2909

Fax: (206) 834-6044

sara at ivylawgroup.com

Pronouns: she, her, hers

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