[WSBAPT] Wiring Instructions/TEDRA Signing Requirements

[Amy Goertz]

Happy Sunday, listers,


I hope some of you are relaxing and enjoying your Sunday instead of fretting about TEDRAs, but in any case … I have questions … here is the scenario:

Mom and Dad had one long-term marriage with 3 kids and no children outside of the marriage.

2002 - Mom and Dad purchase a condo in both names.

2009 - Mom dies. No probate. No recordings.

August 31, 2018 - Dad executes Will that leaves estate to his three children equally.

September 12, 2018 - Dad signs and records a Quit Claim Deed leaving the condo to Child 1 and Child 2, JTWROS, reserving a life estate for himself.

2021 - Dad dies.

2023 - Child 1 gets appointed PR and puts condo up for sale, purportedly as PR of the Estate. Child 1 tells Title Company to issue sale proceeds to Estate. At closing, title company tells Child 1 condo is owned by Child 1 and Child 2. Funds are now being held in escrow pending resolution and instruction.

Child 1 has come to me to resolve the situation. 

Child 1 and Child 2 do not want to take the proceeds without sharing with Child 3. They do not know what dad was thinking when he did the Quit Claim Deed and if he really meant to exclude their admittedly problematic brother or not, but they don’t want to go down that road and want to share everything equally.

Title company is asking for wiring instructions and how to issue the 1099, since the estate does not have an ownership interest in the condo.

I have proposed a TEDRA where all three sign and agree to share the proceeds equally. Child 1 and Child 2 are in agreement. Child 3 should be highly motivated to sign although Child 1 and Child 2 say he is alcoholic and paranoid. 

Child 1 has asked that I put the sale proceeds into my office trust account and issue the checks.

So, the questions are:

1. How best to instruct the title company to issue checks.

2. How best to instruct the title company regarding the 1099.

3. What are the signing requirements for the TEDRA as Child 2 is currently in the Philippines and not scheduled to return for several weeks. 


Thanks in advance for any guidance you have to offer.


Amy

Amy J. Goertz, J.D.
Goertz & Lambrecht PLLC
amyjgoertz at icloud.com <mailto:amyjgoertz at icloud.com> 

1.888.926.2607 phone
1.877.684.1627 fax

Address for correspondence:
2829 S. Grand Blvd., Suite 303
Spokane, WA 99203 

Additional office locations:
510 Bell Street
Edmonds, WA 98020

Goertz & Lambrecht PLLC
www.goertzlambrecht.com <http://www.goertzlambrecht.com/>







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