[WSBAPT] Transfer to Surviving Spouse of Investment Account

[Claudia A Gowan]

Unfortunately, it all seems to be justified based on “internal protocols”. IMHO if large institutions want to do business in a state, they should observe the laws of the state.

Claudia A. Gowan

Claudia A. Gowan, PLLC
1001 Fourth Avenue, Suite 3200
Seattle, WA 98154
(206) 443-2733 (T)
claudia at cagowanlaw.com<mailto:claudia at cagowanlaw.com>

www.seattletrustsandestates.com<http://www.seattletrustsandestates.com/>

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of John McCrady
Sent: Thursday, January 09, 2020 2:11 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Transfer to Surviving Spouse of Investment Account

I had a near identical situation a few months ago.  Heather was kind enough to share this language with me, and I sent a letter to the holder, who continued to demand a probate.  Since a probate seemed excessive, and the dollars at issue did not justify litigation, we ended up providing the holder a small estate affidavit and the holder delivered the funds.
I never did hear a justification from the holder for their refusal to recognize the community property agreement.

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>

From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Heather de Vrieze
Sent: Thursday, January 09, 2020 1:09 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Transfer to Surviving Spouse of Investment Account

Below is the text of a letter I send in these situations.

“I am writing to you on behalf of SURVIVING SPOUSE regarding the administration of the estate of her deceased husband, DECEASED SPOUSE. I appreciate that Washington State handles community property estates differently than other states and you or Schwab 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.

THESE SPOUSES 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 SPOUSE’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, SURVIVING SPOUSE can provide such an affidavit upon request.

In accordance with the agreement and state law, all property owned by DECEASED SPOUSE at the time of his death is now vested in his wife. If Charles Schwab 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 SURVIVING SPOUSE. I hope with this information, this account can be transferred without further delay.

Heather


Heather S. de Vrieze
Attorney-at-Law
[cid:image001.jpg at 01D5C6FA.F4D26350]
3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<https://r.xdref.com/?id=009LK1KG028443&from=wsbapt-bounces@lists.wsbarppt.com&to=j.mccrady@pstitle.com&url=http://www.westseattlelaw.com/>
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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 Paul Neumiller
Sent: Thursday, January 09, 2020 12:22 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: Re: [WSBAPT] Transfer to Surviving Spouse of Investment Account

Please answer online (and hopefully attach a demand letter citing WA law)


[cid:image003.jpg at 01D5C6FA.F4D26350]



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 Jamia Burns
Sent: Thursday, January 9, 2020 10:52 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] Transfer to Surviving Spouse of Investment Account

Has anyone had luck transferring assets in a Schwab account to the surviving spouse using a Community Property Agreement. They are demanding a Letter Testamentary, EIN and Estate Bank Account to make the transfer. Any guidance is greatly appreciated.

Respectfully,

Jamia S. Burns
Attorney at Law
(360) 739-6379
Office: 1200 Dupont St., Suite 1-D
Bellingham, WA 98225 (By Appointment Only)
Mail: P.O. Box 29453
Bellingham, WA 98228
jamia at jamiaburnslaw.com<mailto:jamia at jamiaburnslaw.com>
www.jamiaburnslaw.com<https://nam12.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.jamiaburnslaw.com&data=02%7C01%7C%7C728500e8d91047c3885c08d79535ae38%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637141930101512779&sdata=kULTLL1BUvxI7a%2BM4x6eaZJEUJrN5ZBWLXlhDJ9oZGg%3D&reserved=0>

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