[WSBAPT] Authority for reversion of (failed) trust assets to estate

[Kate Love]

thank you John and Philip!   your responses are helpful 😉  Kate

________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of John J. Sullivan, Esq. <sullaw at comcast.net>
Sent: Thursday, February 20, 2020 10:12 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Authority for reversion of (failed) trust assets to estate


I was thinking that since the PR represents the estate of the decedent, the nonjudicial TEDRA agreement would essentially revoke the trust, just as decedent would have if alive. Take the position it was a mistake of fact or law to contribute assets to a broken trust in the first place.

This reminds me of a case I was peripherally involved with Mary Anne Vance on, where the trust had a long list of specific bequests but completely lacked a residuary clause.



John J. Sullivan



From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Philip N. Jones
Sent: Thursday, February 20, 2020 2:37 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Authority for reversion of (failed) trust assets to estate



If the trust is modified through a nonjudicial TEDRA agreement, to whom would the assets be distributed?

Phil Jones



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 Kate Love
Sent: Thursday, February 20, 2020 12:37 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Authority for reversion of (failed) trust assets to estate



No beneficiary, no stated purpose and no successor trustee!



We think the lack of beneficiary was an error because the trust was an investment (pension plan) account agreement form; the beneficiary designation form was a separate form and probably never even completed.



I don't think there was a valid trust because the decedent was both the sole trustee and sole beneficiary.  But the current investment account custodian is refusing to transfer funds/recognize control to anyone but a successor trustee and insists on a court order for anything else.



The account balance is large and I want to give the commissioner (snoco) something to hang her hat on if she is concerned (or if I have missed something) that the trust was/is valid.



After the email from Philip yesterday, I researched "trust" and "anti-lapse" together, I found some case authority that Wa courts apply anti-lapse to some trusts, and this helps because the will has a residuary clause.



But I could well be missing something here and any other input from you or other wise listservers is greatly appreciated,



thank you John 🙂

















________________________________

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 John J. Sullivan, Esq. <sullaw at comcast.net<mailto:sullaw at comcast.net>>
Sent: Wednesday, February 19, 2020 9:45 PM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Authority for reversion of (failed) trust assets to estate



Kate:



Lack of beneficiary or stated purpose?? Or there were beneficiaries but they’re all dead and there’s no saving clause?

In either case, why can’t the PR of the Grantor’s estate and the Successor Trustee reform the trust with a nonjudicial TEDRA Agreement??



John J. Sullivan



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 Kate Love
Sent: Wednesday, February 19, 2020 2:14 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Authority for reversion of (failed) trust assets to estate



Hello listserv Elders (or betters 😉):   can anyone provide authority for the reversion of trust property to an estate where a trust fails ?  Trust fails for lack of beneficiary or stated purpose of the trust,



Thank  you!  Kate







Kate F. Love

WSBA No. 51314





Hawkes Law Firm P.S.

main line 206 367 5000
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katel at law-hawks.com<mailto:katel at law-hawks.com>

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