[WSBAPT] third party 'advance'

[Bruce Moen]

Hi Roger,

I've had this from time to time.

Perils and Pitfalls:  Sometime a purchase of a distributive share. Sometime the advance is for an assignment of a distributive share.

The exchange is usually a small advance to the Seller in exchange for a large chunk of their distributive share.

I think no duty to warn the heir that the sale/ assignment  is a total rip-off.

I am leery of the information requested by the Purchaser.  The cause number and a copy of the Inventory is OK.  But some will ask the lawyer or the PR to confirm other info which drift over to the none-of-your-business category. Make the Purchaser rely upon  the information from the heir only and the public court file.

Sometimes I will be asked to confirm that the advance is protected by the assets in the estate.  Sometimes asked to basically validate the advance and guarantee facts or events.  High risk for getting dragged into issues that are totally unnecessary to the administration.

Read carefully of any docs submitted to the PR and say little in any phone call.

Often these arise with heirs who have few resources and the inheritance is a big windfall. They'll call with a sad story and pressure the PR to approve.  I hate it.

Good luck!

  Bruce Moen

________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Roger Hawkes <Roger at law-hawks.com>
Sent: Wednesday, August 16, 2023 2:35 PM
To: Probate and Trust Listserve <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] third party 'advance'


An heir in one of our probates has requested an advance of part of his inheritance by soliciting same from a third party vendor who would get repaid when the inheritance is distributed.  What perils and pitfalls should we be considering?



Roger Hawkes, WSBA # 5173

Sky Valley Lawyers, PLLC

Physical Address: 423 Main Street

Mailing Address:   Box 351

Both in Sultan, WA 98294

Phone 360 799 6438

Email: roger at skyvalleylawyers.com<mailto:roger at skyvalleylawyers.com>


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