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

[Fred Emry]

Keith,
      I've done quite a few ESOPs in the past, but I am not up to date and perhaps Dan or Eric could do it.
Fred

From: wsbapt-bounces at lists.wsbarppt.com [mailto: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>

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