[WSBAPT] Gift Not Claimed.....contingent beneficiary

[Joshua McKarcher]

This depends on the document and lots of variables. The word “custodian” is concerning. If that means the money was put into a “blunt instrument” UTMA then I “think” (?) it’s the minor’s whether it was used for “aspirational” purposes or not.

If you just used that generically because it was somehow not a “trustee” or “PR” holding the funds, then I suppose it depends on the terms of the custodianship.

But I am unaware of any generically applicable rule that could be provided to the below question that wouldn’t depend on myriad variables, factors, documentation, etc.

Best, Josh

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Brent Williams-Ruth
Sent: Tuesday, June 11, 2024 10:33 AM
To: WSBA Probate & Trust Listserv <WSBAPT at lists.wsbarppt.com>
Subject: [WSBAPT] Gift Not Claimed.....contingent beneficiary

Greetings List Members -

One of my probate matters from the years back had a provision for specific money to be used for educational purposes. There was a time limit for the beneficiary to use those funds.  That time limit is about to expire.

Does the transfer to the contingent beneficiary happen simply by the custodian of those funds closing the account and distributing to the contingent beneficiary?

Thank you!
Brent

Brent Williams-Ruth (pronouns: he/him)
Attorney-At-Law

Law Offices of Brent Williams-Ruth, a division of BWR Consulting, PLLC

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