[WSBAPT] DPA with two AIFs able to act independently
Marcus Fry
MFry at hawleytroxell.com
Wed Jun 18 14:26:19 PDT 2025
Eric:
I can tell you it's the other way. More and more financial institutions, brokerages, etc. want co-AIFs to act independently without consent. You can insert language in the event of conflicting instructions otherwise RCW 11.125 will be used to sort it out if that happens. Note, for joint fiduciary action, I had a client try to open a bank account with co-fiduciaries of trust that are required to act jointly, the bank refused. Bank said only way is they are authorized to act independently or it is joint account, but frozen subject to court direction.
-Marcus
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Eric Nelsen
Sent: Wednesday, June 18, 2025 2:20 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] DPA with two AIFs able to act independently
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RCW 11.125.110<https://app.leg.wa.gov/RCW/default.aspx?cite=11.125&full=true#11.125.110> indicates that "Unless the power of attorney otherwise provides, all coagents must exercise their authority jointly...."
My client wants to name two siblings but give them each authority to act alone-essentially, have two active and independent attorneys in fact simultaneously. On both financial and health care DPAs.
Leaving aside the obvious practical pitfalls of conflicting instructions, etc., is there any legal barrier to providing for this in a DPA?
Also, any thoughts on whether this is so unusual that banks, brokerages, medical providers, etc., might balk at following the specified authority of one without the other?
I thought of drafting two separate DPAs, but that might be even more confusing than having them both named in a single document. Though perhaps I could include a statement in each one that refers to the other and acknowledges that the other exists and remains in effect independent of this instrument.
Sincerely,
Eric
Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
206-625-0092
eric at sayrelawoffices.com<mailto:eric at sayrelawoffices.com>
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