[WSBAPT] Trustee choice for Minor Settlement Trust, SPR RULE 98.16W(j)(3)(C)

[Mark Vohr]

Michael -

            SPR 98.16W(j)(3)(B) provides that "no family member of the affected person, or other potential residual beneficiary of the trust, shall be approved by the court as a sole trustee"  There is no prohibition for a family friend serving provided the family friend (regular human) could never possibly end up as a remainder beneficiary of the trust.  Yes - that family friend will most likely have to get a bond or block the accounts.  Chartered Trust companies are generally exempt from the bonding blocking requirements.

Regards,

Mark

Ohana Fiduciary Corp.

A Washington Chartered Trust Company
Mark C. Vohr, J.D., CPG, Principal
155 NE 100th St., Suite 209 Seattle, WA  98125
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com<mailto:mcv at ohanafc.com>      www.ohanafc.com<http://www.ohanafc.com/>


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Regards,

Mark

Ohana Fiduciary Corp.

A Washington Trust Company
Mark C. Vohr, J.D., CPG, Principal
155 NE 100th St., Suite 209 Seattle, WA  98125
T:  (206) 782-1189 F:  (206) 782-1434
mcv at ohanafc.com<mailto:mcv at ohanafc.com>      www.ohanafc.com<http://www.ohanafc.com/>


CONFIDENTIAL AND/OR PRIVILEGED COMMUNICATION

This communication may contain information that is confidential.  It was intended only for the named or a specific recipient.  If you have received this communication in error.  Please delete it immediately and contact the sender to advise them of improper delivery.

This communication is not intended to provide legal advice to the recipient.  The sender does not represent you as legal counsel and neither this communication or any conversations you may have with the sender creates an attorney client relationship with the sender.  If you seek legal advice please retain an attorney, but it will be someone else.




From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Michael Geoghegan
Sent: Wednesday, November 10, 2021 3:46 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Trustee choice for Minor Settlement Trust, SPR RULE 98.16W(j)(3)(C)

Hi All,

I am drafting a Trust to hold settlement funds for a minor, to be approved in King County Ex Parte.  Client wants to name a family friend as the Trustee. The friend is capable but is not a professional fiduciary. SPR Rule 98.16W(j)(3)(C) requires the Trustee or Co-Trustee to be a "bonded or insured fiduciary" to serve as Trustee or Co-Trustee.

Must the Trustee be a professional fiduciary, not a regular human who puts up a bond with the court?

-Michael


Michael Geoghegan
Northwest Strategy and Planning, PLLC
t: 206.353.5592
e: michael at nwstrategyandplanning.com<mailto:michael at nwstrategyandplanning.com>

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