[WSBAPT] Advice sought re Uniform Transfer to Minors Act (UTMA)

[Roger Hawkes]

Sdt?

-----Original Message-----
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of laj-laws at juno.com
Sent: Thursday, July 20, 2023 2:46 PM
To: elder-law-section at list.wsba.org; solo-and-small-practice-section at list.wsba.org; wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Advice sought re Uniform Transfer to Minors Act (UTMA)



July 20, 2023


Looking for input/direction regarding the UTMA (Uniform Transfer to Minors Act, RCW 11.114)


PERTINENT FACTS:

Client is Administrator (PR) of her deceased daughter�s intestate estate.
A bond was posted. We did not seek nonintervention powers at this point, because by doing so we did not have to give notice that we were looking to appoint Client as the PR.

Daughter died recently due to a fentanyl overdose.
She turned 25 the first part of March 2023 and died about 2 months later.

The daughter�s paternal grandfather set up a fund years ago for her (UTMA).
The custodian of the account has been daughter�s surviving father.

Client and the daughter�s father were divorced years ago when daughter was little.
Divorce was acrimonious. Ever since the divorce, the father has been very difficult to deal with for both the Client and the now-deceased daughter.

With Letters of Administration in hand, Client tried to get info about the custodial account. It is held by T. Rowe Price (�Price�). Price (its personnel) is telling PR that they can�t give her any info�that they can only give this to the custodian.


SOME THOUGHTS/ANALYSIS:

The position Price is taking doesn�t seem correct. Under RCW 11.114.200 (Termination of Custodianship) the custodial account should have terminated by at least the time the daughter turned 25.
PR only wants to know what was in the account at time daughter died and what has happened to it since.


ADVICE SOUGHT:

Any thoughts of how, short of getting a court order, we can put pressure on Price to make this info available to the PR since she is the one responsible to administer this estate?

Thank you for you help,
Larry J.




LARRY A. JOHNSTONE, ATTORNEY AT LAW, PLLC Waterfront Park Building
144 Railroad Avenue, Suite 203
Edmonds, WA 98020
Phone: (425) 774-LAWS (-5297)
**Voice Mail or Fax: (888) 298-1647** (Best number to reach Larry) �

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