[WSBAPT] UTMA set up by mistake

[Eric Nelsen]

I think that's a completed gift, and not revocable or reversible. See RCW 11.114.110(2)<https://app.leg.wa.gov/RCW/default.aspx?cite=11.114.110>.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sharon Rutberg
Sent: Wednesday, August 5, 2020 2:48 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] UTMA set up by mistake

Hello, Listmates -

Client misunderstood some advice (or got some bad advice) and gifted money into an UTMA account for a teenage family member, naming herself as the custodian. What she really wanted to do was to make the gift via her Will. She is now concerned that the child will receive the assets outright within only a few years. She would like to take the money back out of the UTMA, but the bank refuses to release the funds to her. Has anyone run across this type of problem? Wondering if there is a solution for her.

Thanks,
Sharon

Sharon C. Rutberg, Attorney at Law
Salmon Bay Law Group, PLLC
1734 NW Market St.
Seattle, WA 98107
206-735-3177, ext. 2
sharon at salmonbaylaw.com<mailto:sharon at salmonbaylaw.com>
Website: www.salmonbaylaw.com<http://www.salmonbaylaw.com/>
Washington State Bar #47055

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