<div dir="ltr"><div>I have a similar issue. I am working on a probate in which the decedent left the residue of his estate to minors. (nieces and nephews in Mexico). There are about eight minors in all that get an equal share. There is a house to be sold and a vehicle. How do I get the proceeds to these minors?</div><div><br></div><div>Thanks, <br clear="all"></div><div><div class="gmail_signature" dir="ltr" data-smartmail="gmail_signature"><div><font face="arial,helvetica,sans-serif">Jenna Brozik</font></div><div><font face="trebuchet ms,sans-serif">Attorney at Law</font></div><div>Prinz & Brozik PLLC</div><div>445 S Grand Ave</div><div>Pullman, WA 99163</div><div>(509)338-0908 / (509) 338-3527 (fax)</div><div><a href="mailto:jennaprinzlaw@gmail.com" target="_blank">jennaprinzlaw@gmail.com</a></div><div> </div></div></div><br></div><br><div class="gmail_quote"><div dir="ltr">On Thu, Sep 6, 2018 at 2:24 PM Nicholas Pleasants <<a href="mailto:nick@pleasantslaw.com">nick@pleasantslaw.com</a>> wrote:<br></div><blockquote class="gmail_quote" style="margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex">
<div lang="EN-US" link="#0563C1" vlink="#954F72">
<div class="m_-6521887602901561313WordSection1">
<p class="MsoNormal">Yes, Legal Guardianship of the Estate is the usual requirement for assets inherited by minors. I gave a CLE on the topic last fall for the Workers Comp group as LNI sometimes will waive the guardianship requirement, but most other institutions
will not (materials attached for your reference). You may inquire about it going into a custodial account but as Wells Fargo points out that would usually need to be designated in advance. I have had success establishing custodianship after the fact for life
insurance proceeds, but not for an IRA.<u></u><u></u></p>
<p class="MsoNormal">Another interesting procedure might be a TEDRA Non-Judicial Agreement to amend the beneficiary form. I have had success with this where Edward Jones was the administrator of the IRA. I’m not sure how willing Wells Fargo would be to accept
an amended designation by court order after the fact. To do this, you would need all of the beneficiaries of the estate to consent to changing the beneficiary of the IRA to be a custodian or a trustee for the benefit of the minors. Perhaps you could gauge
the willingness of Wells Fargo to accept such a court order before embarking on the TEDRA route.<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Best,<u></u><u></u></p>
<p class="MsoNormal">Nick Pleasants<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<div>
<p class="MsoNormal"><b><span style="color:#5b9bd5">Nicholas Pleasants<u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="color:black">James Pleasants, P.C.<br>
2300 130th Ave NE, Suite A-101<br>
Bellevue, WA 98005-1755<br>
(425) 615-7070 tel.<br>
(425) 497-0799 fax<br>
<a href="mailto:nick@pleasantslaw.com" target="_blank"><span style="color:blue">nick@pleasantslaw.com</span></a></span><span style="color:black"><u></u><u></u></span></p>
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<p class="MsoNormal"><u></u> <u></u></p>
<div>
<div style="border:none;border-top:solid #e1e1e1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> Tom Pixton <<a href="mailto:tom@pixtonlaw.com" target="_blank">tom@pixtonlaw.com</a>> <br>
<b>Sent:</b> Wednesday, September 05, 2018 3:17 PM<br>
<b>To:</b> <a href="mailto:wsbapt@lists.wsbarppt.com" target="_blank">wsbapt@lists.wsbarppt.com</a><br>
<b>Subject:</b> Re: [WSBAPT] Minors as Beneficiaries of an IRA<u></u><u></u></p>
</div>
</div>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><span style="color:#1f497d">Yes,<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d">This is why we write trusts for underage beneficiaries and direct the IRA benefits to those trusts. In your case, Wells will likely have to release control of the inherited IRA at age 18 – not usually a good
plan.<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d">Tom<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#244061">________________________________________________<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:#244061">Tom Pixton<u></u><u></u></span></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;color:#244061">PIXTON LAW GROUP<u></u><u></u></span></b></p>
<p class="MsoNormal"><span style="color:#244061">5285 Meadows Rd., Ste. 377 | Lake Oswego, OR 97035<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#244061">503.968.2020 | 503.624.1929 fax<u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#244061"><a href="mailto:Tom@PixtonLaw.com" target="_blank">Tom@PixtonLaw.com</a><u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#632423"><a href="http://www.pixtonlaw.com/" target="_blank"><span style="color:#632423">http://www.pixtonlaw.com</span></a>
<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><i><span style="color:#244061">Licensed in Oregon, Washington, and California<u></u><u></u></span></i></p>
<p class="MsoNormal"><i><span style="color:#244061">Accredited by the US Department of Veterans Affairs<u></u><u></u></span></i></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="color:#4f81bd"> <img border="0" width="220" height="90" style="width:2.2916in;height:.9375in" id="m_-6521887602901561313Picture_x0020_1" src="cid:image001.jpg@01D445EC.133CFF30" alt="Description: naela"></span><span style="color:#1f497d"><u></u><u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="color:#1f497d"><u></u> <u></u></span></p>
<div>
<div style="border:none;border-top:solid #b5c4df 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">wsbapt-bounces@lists.wsbarppt.com</a> [<a href="mailto:wsbapt-bounces@lists.wsbarppt.com" target="_blank">mailto:wsbapt-bounces@lists.wsbarppt.com</a>]
<b>On Behalf Of </b>Mark Reinhardt<br>
<b>Sent:</b> Tuesday, September 04, 2018 4:07 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv'<br>
<b>Subject:</b> [WSBAPT] Minors as Beneficiaries of an IRA<u></u><u></u></span></p>
</div>
</div>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Dear Listmates,<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">An IRA owner (grandfather) died, listing two minors (grandchildren) as beneficiaries. Accordingly, the parents of the minors have reached out to Wells Fargo, the IRA custodian, to establish inherited IRAs for the minors. Unfortunately,
grandfather did not specify a custodian in his beneficiary designations. Wells Fargo is taking the position that the parents need a Letter of Guardianship specifying that they are the responsible parties for handling the minors’ estates.
<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal">Has anyone run into this before?<u></u><u></u></p>
<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="color:#c00000">***When responding to this email, please
<i>reply all</i>***<u></u><u></u></span></b></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><span style="color:#c00000"><u></u> <u></u></span></b></p>
<p class="MsoNormal"><b><span style="color:black">Kind regards,<u></u><u></u></span></b></p>
<p class="MsoNormal" style="text-align:justify;text-indent:.5in"><u></u><span style="margin-left:0px;margin-top:14px;width:41px;height:42px"><img width="41" height="42" style="width:.427in;height:.4375in" src="cid:image003.png@01D445ED.002CF8E0" alt="Logo"></span><u></u><b><span style="color:black">Mark
Reinhardt<u></u><u></u></span></b></p>
<p class="MsoNormal" style="text-indent:.5in"><span style="color:black">Attorney<u></u><u></u></span></p>
<p class="MsoNormal" style="text-indent:.5in"><span style="color:black">Rehberg Law Group, PLLC<u></u><u></u></span></p>
<p class="MsoNormal" style="text-indent:.5in"><span style="font-size:9.0pt;color:black">Ryan Y Rehberg, Partner | Mark A. Reinhardt, Partner | James A. Davies, Partner |
<u></u><u></u></span></p>
<p class="MsoNormal" style="text-indent:.5in"><span style="font-size:9.0pt;color:black">J. Sabrina Go | Jerrica Pierson Seeger | Grayson E. Chester<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">Assistant: Nancy DeOrnellis |
</span><span style="color:black"><a href="mailto:ndeornellis@rehberglaw.com" target="_blank"><span style="font-size:9.0pt;color:black">ndeornellis@rehberglaw.com</span></a></span><span style="font-size:9.0pt;color:black"><u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">SeaTac: 18000 International Blvd. (Pacific Hwy S. | Hwy 99), Suite 550, SeaTac, WA 98188<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">Bellevue: 1400 112th Avenue Southeast, Suite 100, Bellevue, WA 98004<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">Contact: Phone (206) 246-8772 ext. 333 | Toll Free (877) 246-8772 | Fax (206) 454-7910<u></u><u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">Email: <u><a href="mailto:mreinhardt@rehberglaw.com" target="_blank"><span style="color:black">mreinhardt@rehberglaw.com</span></a></u> |
</span><span style="color:black"><a href="http://www.rehberglaw.com/" target="_blank"><span style="font-size:9.0pt;color:black">www.rehberglaw.com</span></a></span><span style="font-size:9.0pt;color:black"> |
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<p class="MsoNormal"><span style="font-size:9.0pt;color:black"><u></u> <u></u></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;color:black">estate planning | business law | elder law | asset protection | probate | trust administration<u></u><u></u></span></p>
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<p class="MsoNormal"><u></u> <u></u></p>
<p class="MsoNormal"><b><u><span style="font-size:10.0pt;color:#c0504d">PARKING UPDATE at SeaTac Office Center beginning May 1, 2018:</span></u></b><b><span style="font-size:10.0pt;color:#c0504d"><u></u><u></u></span></b></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="color:#c0504d;margin-right:2.95pt">
<span style="font-size:10.0pt;letter-spacing:-.05pt">Free</span><span style="font-size:10.0pt;letter-spacing:-.1pt"> 3</span><span style="font-size:10.0pt;letter-spacing:-.05pt">-hour</span><span style="font-size:10.0pt;letter-spacing:-.2pt">
</span><span style="font-size:10.0pt;letter-spacing:-.05pt">parking</span><span style="font-size:10.0pt;letter-spacing:-.15pt">
</span><span style="font-size:10.0pt">is<span style="letter-spacing:-.2pt"> </span>
available<span style="letter-spacing:-.2pt"> in</span><span style="letter-spacing:-.1pt">
</span><span style="letter-spacing:-.05pt">the</span><span style="letter-spacing:-.3pt">
</span><span style="letter-spacing:-.05pt">street </span>lot <span style="letter-spacing:-.1pt">
in </span><span style="letter-spacing:-.05pt">front</span><span style="letter-spacing:-.15pt">
</span>of<span style="letter-spacing:-.1pt"> both the </span><span style="letter-spacing:-.15pt">North and South Towers</span><span style="letter-spacing:-.05pt">,
<u></u><u></u></span></span></li></ul>
<p class="MsoNormal" style="margin-right:2.95pt;margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt">
<span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">as well as in front of the Northwest Kidney Center Bldg. just north of the North Tower.
<u></u><u></u></span></p>
<ul style="margin-top:0in" type="disc">
<li class="MsoNormal" style="color:#c0504d;margin-right:2.95pt">
<span style="font-size:10.0pt;letter-spacing:-.05pt">Enter the South Tower on the Plaza (P) Level from the front parking lot.</span><span style="font-size:10.0pt"><u></u><u></u></span></li><li class="MsoNormal" style="color:#c0504d;margin-right:5.2pt">
<span style="font-size:10.0pt;letter-spacing:-.05pt">Please use the rear parking lot for</span><span style="font-size:10.0pt;letter-spacing:-.1pt">
</span><span style="font-size:10.0pt;letter-spacing:-.05pt">extended</span><span style="font-size:10.0pt;letter-spacing:-.15pt">
</span><span style="font-size:10.0pt;letter-spacing:-.05pt">visits, or if the front lots are full.<u></u><u></u></span></li><li class="MsoNormal" style="color:#c0504d;margin-right:5.2pt">
<span style="font-size:10.0pt;letter-spacing:-.05pt">Access to the rear parking lot is just north of the North Tower.<u></u><u></u></span></li><li class="MsoNormal" style="color:#c0504d;margin-right:5.2pt">
<span style="font-size:10.0pt;letter-spacing:-.05pt">Enter the South Tower on the Lower Plaza (LP) Level from the rear parking lot.<u></u><u></u></span></li></ul>
<p class="MsoNormal" style="margin-right:5.2pt"><b><i><u><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">Please take a ticket when entering the rear parking lot and bring it up to the office for validation</span></u></i></b><u><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">.
<u></u><u></u></span></u></p>
<p class="MsoNormal" style="margin-right:5.2pt"><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">Disabled</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.2pt">
</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">parking</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.25pt">
</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.1pt">spaces</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.2pt"> are
</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.05pt">available</span></b><b><span style="font-size:10.0pt;color:#c0504d;letter-spacing:-.3pt">
</span></b><b><span style="font-size:10.0pt;color:#c0504d">in<span style="letter-spacing:-.25pt">
</span><span style="letter-spacing:-.05pt">both</span><span style="letter-spacing:-.3pt">
</span>lots</span></b><span style="font-size:10.0pt;color:#c0504d">.<u></u><u></u></span></p>
<p class="MsoNormal"><u></u> <u></u></p>
<div id="m_-6521887602901561313DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2">
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