[WSBAPT] WSBAPT Digest, Vol 66, Issue 5

[jcrspicatto at gmail.com]

Susan,

Take a look at the statute of limitations statute, RCW 11.40.051.  The
Community Property Agreement serves, and is all your client needs, to
transfer all assets to the surviving spouse, so you don't need a probate to
transfer assets.  Most debts are gone after 24 months if no legal action is
taken by the creditor to enforce the debt and your client makes no payments
on the debt during that time.  Creditors holding security for their debts
can only look to the secured asset for repayment after 24 months, not to the
rest of the estate.  Most creditors won't take an action to enforce a debt
as it's too much work for them and it's cheaper to just write off the debt.
If your client has $95K in unsecured debt owed to 22 creditors, that's an
average of $4316/creditor -- noise to most commercial creditors.  While it
may be a little bit of anxiety for your client to wait two years, the client
should be OK if told to come and talk to you should any creditor send her a
notice that they intend to enforce the debt.

Jenny Rydberg, JD
206-550-5491

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Sent: Friday, March 6, 2020 12:00 PM
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Subject: WSBAPT Digest, Vol 66, Issue 5

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