[WSBAPT] Form 712 from life insurance

[Philip N. Jones]

This comes up occasionally.  In those situations, I ask the beneficiaries to request the Form 712.  The carrier is usually happy to provide the form to the beneficiary (or beneficiaries).  The carrier has no legal relationship with the PR, and so does not want to violate privacy procedures by giving private documents to the PR.  (Usually the PR is also a beneficiary, so this does not come up often.)
Question:  If one beneficiary requests the 712, will that 712 reflect the proceeds received by both?  I am not sure.  Check to make sure.  Or have both beneficiaries request a 712.  Or all three if there are three.  But when the 712 arrives, make sure it reflects 100% of the proceeds.
Phil Jones

Philip N. Jones |Duffy Kekel LLP
900 S.W. Fifth Ave., Suite 2500, Portland OR 97204
(503) 226-1371 (main) ) | (503) 226-3574 (fax)
(503) 853-1482 (cell)
pjones at duffykekel.com<mailto:pjones at duffykekel.com>

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Anna Van Pelt
Sent: Wednesday, June 5, 2024 9:29 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Form 712 from life insurance

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Hello friends,

I have a new wrinkle. The life insurance company for a small policy ($5000) has paid out to the beneficiaries, but is now asserting that they are not obligated to give Form 712 to the PR despite the estate being taxable in WA. Has anyone run into this problem before? I believe the company is Fidelity.

Thanks,
Anna

Van Pelt Law
(206) 635-7250
www.vanpeltlegal.com<http://www.vanpeltlegal.com/>
Pronouns: She/Her

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