[WSBAPT] Chase & Minor Beneficiaries

[Andrekita Silva]

Law Office of 
F.ANDREKITA SILVA
_______________________________________________________   

January 3, 2024

Anna,

Have you considered getting an order which requires the IRA funds for the child to be placed in a federally insured blocked account for the benefit of the child until the child turns age 18? With the attorney or PR filing a Receipt for that deposit to blocked account within XX period of time?

As a settlement GAL for a minor, I have made that recommendation. To my knowledge, the court ordered it and presumably, the bank complied. This avoided the extra step of having a conservator appointed.

andrekita 
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 940
Seattle, Washington 98101-2509
206-224-8288
ak at seattle-silvalaw.com
www.seattle-silvalaw.com [3]

On 2024-01-03 12:23, Diane J. Kiepe wrote: 

> Although banks and institutions often make up things as they go, I
> think in this case they may be correct in their requirements, given
> that minors are involved ( I would ask for the IRA Contract).  I feel
> like many years ago I did a TEDRA for a financial institution and set
> up a custodial account to receive payments and that was followed by
> Order of the Court but it was not chase. 
> 
> _ _ 
> 
> _Diane J. Kiepe_ 
> 
> Douglas Eden, P.S. 
> 
> 717 W. Sprague Ave., Suite 1500 
> 
> Spokane, WA  99201 
> 
> djkiepe at depdslaw.com 
> 
> 509-455-5300 
> 
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> From: wsbapt-bounces at lists.wsbarppt.com
> <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Anna Van Pelt
> Sent: Wednesday, January 3, 2024 12:16 PM
> To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> Subject: [WSBAPT] Chase & Minor Beneficiaries 
> 
> Happy New Year! 
> 
> Has anyone had any luck getting Chase to distribute IRA funds to a
> minor beneficiary without having the parent get appointed as
> conservator first?  
> 
> Grand-aunt thought she was being generous leaving part of her IRA to
> her minor grand-nephew and grand-niece, but Chase sounds like they
> won't distribute the funds unless a court appoints their parent as
> conservator. Kids are not mentioned at all in the will, though there
> is a probate started already.  
> 
> Thanks, 
> 
> Anna 
> 
> Van Pelt Law  
> 
> (206) 635-7250 
> 
> www.vanpeltlegal.com [1] [1 [2]] 
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Links:
------
[1] http://www.vanpeltlegal.com
[2] http://www.vanpeltlegal.com/
[3] http://www.seattle-silvalaw.com
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