[WSBAPT] Last Minute Will

Wed Feb 3 07:11:04 PST 2021

Be aware also that disclaimers can be partial; look carefully at who inherits the asset that is disclaimed.

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Doug Schafer
Sent: Tuesday, February 2, 2021 8:12 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>; Brent Williams-Ruth <brent at williams-ruthlaw.com>
Subject: Re: [WSBAPT] Last Minute Will

RCW 11.11.010(7)(a).  "Nonprobate asset" means a nonprobate asset within the meaning of RCW 11.02.005, but excluding the following: ... ((v) An individual retirement account or bond.

RCW 11.02.005 (10) .... "Nonprobate asset" does not include: A payable-on-death provision of a life insurance policy, annuity, or other similar contract, or of an employee benefit plan; ....

A 401(k) plan is an employee benefit plan, and possibly the beneficiary rolled over the proceeds into an individual retirement account. Both are specifically excluded from the "super will" provisions permitted by RCW Chapter 11.11.

Doug Schafer, in Tacoma

On 2/2/2021 17:12, Brent Williams-Ruth wrote:
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)
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> /

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
Attorney at Law
In an effort to help combat the spread of COVID-19, I am presently working remotely. Our office is running on reduced staff and we are taking in-person meetings only in limited circumstances. During this time, please expect some delays in response time. Thank you for your patience.
Brothers & Henderson, P.S.
2722 Eastlake Avenue East, Suite 200
Seattle, Washington 98102
Phone: (206) 324-4300 x106
Fax: (206) 324-3106
e-mail:  jamess at brothershenderson.com<mailto:jamess at brothershenderson.com>
www.brothershenderson.com<http://www.brothershenderson.com/>
pronouns: he/him

The information transmitted in this e-mail message and attachments is attorney-client information, is privileged or confidential material and is intended only for the use of the individual or entity named above. You are hereby notified that any disclosure, copying, distribution, review by or taking of any action in reliance on the contents of this e-mail information by unauthorized persons is strictly prohibited. All personal messages are solely the views of the sender and are not to be attributed to Brothers & Henderson, P.S. If you have received this transmission in error, immediately notify the sender by reply e-mail and permanently delete this transmission and all copies including attachments.

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> /
***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***
_______________________________________________
WSBAPT mailing list
WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>
http://mailman.fsr.com/mailman/listinfo/wsbapt

***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***

_______________________________________________

WSBAPT mailing list

WSBAPT at lists.wsbarppt.com<mailto:WSBAPT at lists.wsbarppt.com>

http://mailman.fsr.com/mailman/listinfo/wsbapt

[https://ipmcdn.avast.com/images/icons/icon-envelope-tick-green-avg-v1.png]<http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient>
Virus-free. www.avg.com<http://www.avg.com/email-signature?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=emailclient>

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbapt/attachments/20210203/95622824/attachment.html>