[WSBAPT] Advice sought re Uniform Transfer to Minors Act (UTMA)
Andrekita Silva
ak at seattle-silvalaw.com
Thu Jul 20 23:01:29 PDT 2023
Law Office of
F.ANDREKITA SILVA
_______________________________________________________
July 20, 2023
Larry,
Am I missing something?
It sounds to me like at some point, and maybe still, Dad was the
custodian for the UTMA account for the now deceased child.
I understand that there was an acrimonious divorce and that there were
difficult communication issues with Dad after that. You don’t say
whether either you or Mom have contacted Dad. I work really hard not
to get engaged in my client’s issues with their ex-spouses. If no one
has contacted Dad in order to get the necessary info, don’t assume
that he won’t be cooperative.
When I represent clients in a divorce and there are custodial
accounts, we always address the management of those accounts in the
decree of divorce. You should ask your client if this was addressed in
their decree. So, you should get as much relevant information about
the UTMA from your client, and then, if client doesn’t think (or you
don’t think) it would be productive for her to contact Dad, you could
offer to speak to Dad.
I don’t know what kind of a relationship Dad had with child, but he is
most certainly also grieving this child’s death. No parent thinks
their child will predecease them. You can offer Dad condolences,
acknowledge that there were communication issues, and then let him
know that you are assisting Mom in putting child’s affairs in order.
Ask Dad for his help. Find out whatever you can about the status of
the UTMA.
I don’t think you can assume that T. Rowe failed to transfer the money
to the child when child turned 25. Maybe the money was already
spent??? Maybe when it was time to transfer the $, child and Dad
agreed child would give Dad the money or they transferred the account
into both child and Dad’s names jointly? With Dad having right of
survivorship? Know what you will say in advance to Dad if he says
that money was transferred to him XXX years ago. Do you know that the
money is still in the form of an UTMA? If the child had a drug
problem, maybe when child turned 23, they agreed to put the money in
some other kind of custodial account so that Dad could dole it out so
that child would not burn through it?
After you’ve learned all you can from Dad, if your questions aren’t
answered and you still think money should be in that account, then
write to the bank. You want to at least be able to tell the bank what
the last known custodian had to say about the status of the account.
If you think that the only possible scenario is that the money should
have been transferred to the child at age 25, when you write to the
bank, then cite the statute and demand the information. And as
everyone suggested in other posts- copy the bank CEO, etc. However,
you want to avoid the position where you take legal steps to arm twist
T.Rowe only to find out after you billed your client that the money
lawfully went else where.
andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 940
Seattle, Washington 98101-2509
206-224-8288
www.seattle-silvalaw.com[1]
PLEASE NOTE: I’ve moved to a different floor. As of April 20, 2023,
my Suite number is 940 (no longer 2000). My new address is: 1325
Fourth Avenue, Suite 940 Seattle, Washington 98101-2509. All other
contact information remains the same.
Quoting laj-laws at juno.com:
> Thank you Roger.
> I'm assuming your "sdt" stands for subpoena duces tecum.
> Regards,
> Larry
>
> ---------- Original Message ----------
> From: Roger Hawkes <roger at skyvalleylawyers.com>
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: Re: [WSBAPT] Advice sought re Uniform Transfer to Minors Act (UTMA)
> Date: Thu, 20 Jul 2023 22:00:11 +0000
>
> 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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