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<DIV>Why not have everyone sign a TEDRA agreement putting it into one trust and
providing that it is OK to rent to _____ etc.?</DIV>
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<DIV style="font-color: black"><B>From:</B> <A title=markthiggins@gmail.com
href="mailto:markthiggins@gmail.com">Mark Higgins</A> </DIV>
<DIV><B>Sent:</B> Monday, January 05, 2015 3:48 PM</DIV>
<DIV><B>To:</B> <A title=wsbapt@lists.wsbarppt.com
href="mailto:wsbapt@lists.wsbarppt.com">WSBA Probate & Trust Listserv</A>
</DIV>
<DIV><B>Subject:</B> Re: [WSBAPT] Pooled Account for Multiple
Trusts</DIV></DIV></DIV>
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<DIV class=gmail_default style="FONT-SIZE: large">Tara--I assume in these trusts
the trustee has certain invasion rights or duties if a trust beneficiary needs
more from the trust than just income. If that is true it would not appear
the home is a good investment as it may turn out that one trust needs to invade
principal and sell the house for one beneficiary while another beneficiary
doesn't want the house sold. The same trustee would have conflicting
duties for different beneficiaries. Not good. In addition, the
situation you describe where the rent barely carries the house, indicates that
there would be no net income for the trust beneficiaries. With this
investment it sounds like the trustee would be preferring remaindermen over the
current life beneficiaries. Again, not good.</DIV>
<DIV class=gmail_default style="FONT-SIZE: large">Mark</DIV></DIV>
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<DIV class=gmail_quote>On Mon, Jan 5, 2015 at 11:57 AM, Tara <SPAN
dir=ltr><<A href="mailto:pugetsoundlaw@gmail.com"
target=_blank>pugetsoundlaw@gmail.com</A>></SPAN> wrote:<BR>
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style="PADDING-LEFT: 1ex; MARGIN: 0px 0px 0px 0.8ex; BORDER-LEFT: #ccc 1px solid">
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<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'>Mother
passed away leaving a Last Will that provided for testamentary trusts for her
three adult children. The trusts all last for the lifetime of each child
and then passes to each child’s descendants. The trustee is the same
individual for all three trusts. The only trust asset is the mother’s
residence. The family plans to keep the house and rent it out to a
grandchild at a rate sufficient to cover expenses and upkeep, maybe turning
into a rent-to-own situation, a common generational practice in this
family. The wrinkle is that the Will very explicitly states repeatedly
that each trust is to be placed in and held as a separate trust for each
child, rather than allowing for a common trust with separate shares for each
child.<U></U><U></U></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Book Antiqua",serif'><U></U><U></U></SPAN> </P>
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'>I’m trying
to puzzle out a convenient way for the trustee of these three separate trusts
to manage the receipt of a single monthly rental payment and the payment of
expenses for one property. Three separate bank accounts for each trust
seems unduly cumbersome. I think that the more straightforward and
streamlined the process, then the better the trustee will be able to manage
the property, account for his activities, and comply with his
duties.<U></U><U></U></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Book Antiqua",serif'><U></U><U></U></SPAN> </P>
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'>Is there a
way for a bank to setup a pooled account for the three trusts with the trusts
being tenants-in-common, maybe similar to how we handle IOLTA accounts,
especially if everyone agrees and signs off in writing a TEDRA-like
fashion? Any ideas for setup that will be smooth for the trustee?
Suggestions? Thanks in advance.<U></U><U></U></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-FAMILY: "Book Antiqua",serif'><U></U><U></U></SPAN> </P>
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'>Tara M.
Roberts<U></U><U></U></SPAN></P>
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'>Puget Sound
Law<U></U><U></U></SPAN></P>
<P class=MsoNormal><SPAN style='FONT-FAMILY: "Book Antiqua",serif'><A
href="mailto:roberts@pugetsoundlaw.com"
target=_blank>roberts@pugetsoundlaw.com</A><U></U><U></U></SPAN></P>
<P class=MsoNormal><U></U><U></U> </P>
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<P class=MsoNormal><SPAN
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clear=all><BR>-- <BR>
<DIV class=gmail_signature>
<DIV dir=ltr>
<DIV>
<DIV>Mark T. Higgins<BR>Mark T. Higgins, P.C.</DIV>
<DIV>P.O. Box 57<BR>Darrington, WA
98241<BR>206-491-2420</DIV></DIV></DIV></DIV></DIV>
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