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

Mon Jul 24 11:45:55 PDT 2023

Hi Andrekita, I am so sorry I did not thank you and acknowledge your email below,Thank you. These are excellent thoughts! Regards,
Larry  The Law Offices of Larry A. Johnstone, Attorney at Law, PLLC   
---------- Original Message ----------
From: Andrekita Silva <ak at seattle-silvalaw.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 23:01:29 -0700

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

 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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