[WSBAPT] "Disclaimer" of POD and TOD Designation

[jbdolan at jbdolan.com]

Colleagues:

Personal Representative of Mom's estate has a question: if the TOD/POD
Beneficiary of a bank or investment account or life insurance policy refuses
to accept the funds, and there is no secondary Beneficiary, does the money
then go to the estate, or will the money sit in the account indefinitely (or
get sent to DOR unclaimed funds)? 

But wait . . .  there's more.  The Beneficiary who wants to "disclaim" the
TOD/POD funds also is the Beneficiary of a testamentary Spendthrift Trust in
deceased Mom's LWT, evidently put into her LWT so Beneficiary son would not
be exposed to creditors from a long ago hospitalization (current debt $40K).
In other words, can he refuse the funds outright to force them to go through
the estate in order to take advantage of the Spendthrift Trust?  The
backstory is that Mom purportedly clearly wanted to have her assets
distributed to the Spendthrift Trust, but failed to change her Beneficiary
designations on her accounts.

Thanks for your thoughts.

Jim Dolan

===================

Jones Butler Dolan, PS
www.jbdolan.com <http://www.jbdolan.com> 
www.jonesbutlerdolan.com <http://www.jonesbutlerdolan.com> 

Mount Vernon

P.O. Box 2784
415 Pine Street 
Mount Vernon, WA 98273
Telephone: 360-336-2939
Facsimile: 360-336-2949

Stanwood

P.O. Box 458
10027 - 269th Place NW (SR 532)
Stanwood, WA 98292
Telephone: 360-629-3833
Facsimile: 360-629-6253


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