[WSBAPT] Custodial Account - death of custodian (no alternate) - Fidelity

[Roger Hawkes]

Ask away; the court will notify you of any bond requirements and deal with that then.  I encourage you to get written agreements from other family members and be careful not to be giving them legal advice.

Roger Hawkes, WSBA # 5173
Shoreline Office: 19944 Ballinger Way NE
                                Shoreline, WA 98155
Sultan Office:        423 Main
                                 Sultan, WA 98294

Phone: 206 367 5000; fax: 206 367 4005
Email: roger at law-hawks.com<mailto:roger at law-hawks.com>
Web site: www.hawkeslawfirm.com<http://www.hawkeslawfirm.com/>
[cid:image001.jpg at 01D731FE.9264C210]

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Sarah Smith
Sent: Thursday, April 15, 2021 1:40 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Custodial Account - death of custodian (no alternate) - Fidelity

Here are the facts:

  *   Decedent died, intestate, unmarried
  *   4 minor children
  *   He was the sole custodian of their UTMA accounts established by his parents - totaling about $2M with Fidelity (no broker)-these are invested very risky and losing money quickly
  *   There are very few liquid assets in the decedent's estate - just minority interests in family businesses

I am going to have the brother petition for appointment as administrator (all family is in agreement) and appoint GAL.  However, I really want to ask that the brother be named temporary custodian of the UTMA accounts and to allow him to sell off the risky positions; but I am worried about the issue of bond.

Thoughts?

Any advice is appreciated.

Cheers,
Sarah E. Smith, Esq.
MULLAVEY, PROUT, GRENLEY & FOE, LLP
2401 N.W. SIXTY-FIFTH
P.O. Box 70567
SEATTLE, WASHINGTON  98127
(206) 789-2511 ext. 1124
FAX:  (206) 789-4484
sesmith at ballardlawyers.com<mailto:sesmith at ballardlawyers.com>

NOTICE: This is a private and confidential communication for the sole viewing and use of the intended recipient.  This communication may contain information, protected by the attorney-client privilege or work product doctrine.  If you are not the intended recipient of this communication, please immediately notify the sender and delete and destroy all copies of this communication, whether in paper or electronic form.  The unauthorized disclosure, distribution, copying, or use of information contained in this communication may violate State and Federal laws, including but not limited to the Electronic Communications Privacy Act, 18 U.S.C. 2510 et. Seq. and the Washington Privacy Act, chapter 9.37 RCW.

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210415/0dae0ddb/attachment.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 32954 bytes
Desc: image001.jpg
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210415/0dae0ddb/image001.jpg>