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<font face="Times New Roman, Times, serif">Paul Grant: What are the
specific facts? Was decedent the policy owner, individually. A
trustee under a governing trust document? Or was he the named policy
owner as custodian under the uniform transfers to minors act? My
impression from your question is that the policy is legally owned
by the minors with the deceased as their custodian under the UTMA.
Under RCW 11.114.180(4) the wife could petition a court to appoint
her as successor custodian, or simply wait until the children
attain age 18 and they then may designate a successor, or claim
direct ownership.</font><br>
<br>
Doug Schafer<br>
<br>
<div class="moz-cite-prefix">On 7/17/2015 5:19 PM, Paul Grant wrote:<br>
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cite="mid:CAAVZ0MoAr1233zJa91ATcymU4Xv35ovke_OOKfqxrs9gCcU36A@mail.gmail.com"
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<div dir="ltr">I have a client whose husband passed away and he
was the named adult on a life insurance policy that his minor
children have. Wife is attempting to now get her name as the
parent over the policies but the LI company is insisting on a
letter testamentary. All bills paid and assets are successfully
transferred by joint or beneficiary so no need for a probate
except this remaining item.
<div><br>
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<div>Does anyone have any creative ideas or have they faced this
issue before where the company refuses to simply switch the
surviving parent as the new guardian/trustee/custodian of the
account?</div>
<div><br>
</div>
<div>Estate of decedent was well over the $100k when we started
so I do not believe that a small estate affidavit will work
when the estate in totality is over $100k,<br>
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<div>Any thoughts are greatly appreciated.<br clear="all">
<div>
<div class="gmail_signature"><br>
Paul H. Grant - JD, LL.M<br>
<br>
Planning with Purpose, Inc<br>
Lynnwood, WA 98036<br>
425-939-9948<br>
<a moz-do-not-send="true"
href="http://www.planningwithpurposeinc.com"
target="_blank">www.planningwithpurposeinc.com</a><br>
<br>
Estate Planning. Business Planning. Wealth Succession.<br>
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