[WSBAPT] Disclaimer Question

[Lewis, Amy C.]

I have also gone the TEDRA agreement route to get this type of asset into the estate.  It makes the distribution much simpler.

Except for a surviving spouse, a beneficiary who disclaims a nonprobate asset cannot receive any portion of the disclaimed asset through the estate.  That is a requirement for a qualified disclaimer.  I don't think it's as simple as disclaiming the portion that would go to the other siblings.  As to the disclaimed asset, the disclaiming beneficiary is treated as predeceased, so that can result in assets passing to descendants of the disclaiming beneficiary.


Amy Lewis, Attorney
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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Heather de Vrieze
Sent: Wednesday, August 23, 2023 3:31 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Disclaimer Question

I have always believed that if the surviving joint owner disclaims the survivorship rights to the account so that the assets can be administered pursuant to the a Will or intestacy, that is fine.

I also have had clients who were the Personal Representative simply put in writing (a TEDRA agreement will work but might be overkill) that they believe they were on the account for convenience only, and that they intend to honor decedent's wishes as they believe them to be, and include the funds in the estate account.

My approach might vary depending on who the other parties are, how much time has passed, the amount of money at stake, etc.

Heather

Heather S. de Vrieze
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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 Thomas Sandstrom
Sent: Wednesday, August 23, 2023 3:11 PM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Disclaimer Question

I have a question about disclaimer and hoping someone might have dealt with this issue.

I have a client beneficiary (who is also the PR) that would like to disclaim non-probate assets left to her from a joint bank account(she has not made use of the funds).  The client would like the funds to pass per the distribution found in the residual clause of the Will less any estate expenses   The client has been fully advised that the funds legally are hers, but she is adamant that she would like the funds to pass to the siblings in the same percentages stated in the residual clause.   My client is also entitled to a percentage of the residual.

The question I have is if the client disclaims the non-probate account and the funds pass to the residual does a portion still pass to her under the residual clause or does the disclaimer effectively mean she can't take any of the same funds under the residual as well.   If so, I would just only disclaim that percentage that would pass to other beneficiaries and have her retain the rest.  I just was not sure if the disclaimer of the non-probate asset also means it is disclaimed from a take of the same fund from the residual as well.


Thomas D. Sandstrom

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