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<font face="Times New Roman, Times, serif">Paul, I believe that your
interpretation of the statute is correct only if the wife is a
court-appointed guardian of the minor children. That's not very
common. WA does not recognize a parent as a "guardian" unless
they've been appointed as such by the court.<br>
<br>
Doug Schafer<br>
</font><br>
<div class="moz-cite-prefix">On 7/17/2015 6:28 PM, Paul Grant wrote:<br>
</div>
<blockquote
cite="mid:CAAVZ0Mqx_itpSnFra8eP5OdpZu=AzxHd4+RLkYxJDJZedqofBw@mail.gmail.com"
type="cite">
<div dir="ltr">Thank you for that RCW - in reading it I interpret
the statute to read that the surviving spouse AUTOMATICALLY
becomes the successor custodian after 60 days of death - we are
well past that. Now, how do I get the insurance agent to sign
off without needing to start a petition? That is my struggle, I
believe that the institution is asking for the wrong document
(what else is new) and with this statute should simply allow the
surviving wife to be the new custodian. Maybe a stiff letter
would allow them to reconsider, unless their internal agreement
for the account (which I have not seen) demands a different
process - I can't imagine they have written something so
specific.
<div><br>
</div>
<div>This RCW helps - other thoughts out there?</div>
</div>
<div class="gmail_extra"><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>
</div>
</div>
<br>
<div class="gmail_quote">On Fri, Jul 17, 2015 at 6:11 PM, Doug
Schafer <span dir="ltr"><<a moz-do-not-send="true"
href="mailto:schafer@pobox.com" target="_blank">schafer@pobox.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0
.8ex;border-left:1px #ccc solid;padding-left:1ex">
<div bgcolor="#FFFFFF" text="#000000"> <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
<div>
<div class="h5"><br>
<br>
<div>On 7/17/2015 5:19 PM, Paul Grant wrote:<br>
</div>
</div>
</div>
<blockquote type="cite">
<div>
<div class="h5">
<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>
</div>
<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>
<div><br>
</div>
<div>Any thoughts are greatly appreciated.<br
clear="all">
<div>
<div><br>
Paul H. Grant - JD, LL.M<br>
<br>
Planning with Purpose, Inc<br>
Lynnwood, WA 98036<br>
<a moz-do-not-send="true"
href="tel:425-939-9948"
value="+14259399948" target="_blank">425-939-9948</a><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>
</div>
</div>
</div>
</div>
</div>
<br>
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