[WSBAPT] Last Minute Will

Tue Feb 2 17:26:31 PST 2021

Perhaps a disclaimer by the named beneficiary after mom dies will accomplish this, but don’t forget the tax consequences.

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Tuesday, February 2, 2021 5:12 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Last Minute Will

Splitting hairs now:

Is a 401(k) an Individual Retirement Account (as the definition in RCW 11.11.010(7)(v) - https://app.leg.wa.gov/RCW/default.aspx?cite=11.11.010)

I would argue that no, a 401(k) is NOT an individual retirement account, it is an employer retirement account. But never having to litigate this issue -want to know if the Will provision changing that beneficiary to the Estate would be acceptable to the plan administrator?

*NOTE* the person who is named beneficiary is the one wanting to change to the Estate.  She wants to follow her mom's wishes to use these funds to pay estate debts but would rather the funds never become hers, but rather paid to the estate and then have the estate distribute any remainder of payment of expenses.  So there would be no objection by the currently named beneficiary of the Will states that this account be paid to the Estate to satisfy any valid debts at the date of death.

Brent Williams-Ruth (preferred pronoun: he/him)
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On Tue, Feb 2, 2021 at 5:01 PM James W. Spencer <jamess at brothershenderson.com<mailto:jamess at brothershenderson.com>> wrote:
Hi Brent:

Yes, see https://app.leg.wa.gov/RCW/default.aspx?cite=11.11.020. This comes, of course, with all of the usual death bed will warnings.

Best wishes,
James

James W. Spencer
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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 Brent Williams-Ruth
Sent: Tuesday, February 2, 2021 4:38 PM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>>
Subject: [WSBAPT] Last Minute Will

Greetings List -

Is there ANY language that you can think of where a Will can overturn a beneficiary designation? I have a PC who is about to pass (literally, minutes matter) and realized that her wishes regarding distribution are not in line with what she wanted. Example - she has a 401(k) where she named one child as sole beneficiary, but she wants those funds to be used to satisfy some of the estate's debts. Things of that nature.

Hoping that someone may have a solution

Brent Williams-Ruth (preferred pronoun: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

New Address & Phones Effective December 1, 2020: 500 S 336th Street, Suite 214; Federal Way, WA 98003

Office/Scheduling Phone: (253) 285-7751

Direct: (253) 285-7453

e-mail<mailto:Brent at Williams-RuthLaw.com> / website<http://www.williams-ruthlaw.com/> / facebook<http://www.facebook.com/bwrlaw> /
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