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So, I have the same problem except the account holder is deceased. I am working with decedent's father and we are going to try an Affidavit of Small Estate (only asset of this estate is this $30k account). But we are being told by the bank that because the
decedent didn't make a beneficiary designation, we must provide the bank with Letters. If the account holder is deceased, how do I get the bank to release the custodial agreement to the father so we could check the default clause?</div>
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<div id="divRplyFwdMsg" dir="ltr"><font face="Calibri, sans-serif" color="#000000" style="font-size:11pt"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com> on behalf of Philip N. Jones <pjones@duffykekel.com><br>
<b>Sent:</b> Saturday, October 31, 2020 8:06 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] IRA without Beneficiary Designation</font>
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<div dir="auto">The financial advisor is correct, in most cases. If the account lacks a beneficiary designation, the default clause of the custodial agreement kicks in, and it usually provides that lacking a beneficiary designation, the account goes to (depending
on the agreement) the spouse, or the children, or the estate. Every agreement is different. Ask for a copy of your client’s custodial agreement, then study the default clause carefully. If the default beneficiary is the estate, then the IRA becomes a probate
asset. This is not a question of looking for a statute. It is a question of reading custodial agreement.
<div>Phil Jones</div>
<div>Portland OR<br>
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<div dir="ltr">Philip N. Jones
<div>Duffy Kekel LLP</div>
<div>Portland, OR</div>
<div>pjones@duffykekel.com</div>
<div>(503) 853-1482 cell</div>
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<blockquote type="cite">On Oct 31, 2020, at 7:15 AM, Brent Williams-Ruth <brent@williams-ruthlaw.com> wrote:<br>
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<div class="x_gmail_default" style="font-family:arial,sans-serif">Greetings List - </div>
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<div class="x_gmail_default" style="font-family:arial,sans-serif">I have a prospective client who has an estate less than $100,000 - unless you count a substantial IRA. However, the IRA does not have any beneficiary designations assigned. </div>
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<div class="x_gmail_default" style="font-family:arial,sans-serif">The client called me after talking with their financial advisor who told them that IRA's are not probate assets - EVEN without a beneficiary designation. </div>
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<div class="x_gmail_default" style="font-family:arial,sans-serif">I am unaware of any statute or regulation that provides for this. Anyone able to assist with a citation?</div>
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<p><b><span lang="EN-US" style="font-family:"Times New Roman",serif">Brent Williams-Ruth</span></b><span lang="EN-US" style="font-family:"Times New Roman",serif"> (preferred pronoun: he/him)<br>
<i>Attorney-At-Law</i><span style="color:rgb(68,68,68)"></span></span></p>
<p><b><span lang="EN-US" style="font-family:"Times New Roman",serif">Law Offices of Brent Williams-Ruth,
<font size="1">a division of </font></span></b><b><span lang="EN-US" style="font-family:"Times New Roman",serif"><font size="1">BWR Consulting, PLLC</font></span></b></p>
<p><span lang="EN-US" style="font-family:"Times New Roman",serif; color:rgb(68,68,68)"></span></p>
<p><span lang="EN-US" style="font-family:"Times New Roman",serif">Office/Scheduling Phone:<span style="color:rgb(0,64,128)"> </span>(425) 830-5134<span style="color:rgb(68,68,68)"></span></span></p>
<p><span lang="EN-US" style="font-family:"Times New Roman",serif">Direct Mobile: (206) 889-7919</span></p>
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<p><span lang="EN-US" style="font-family:"Times New Roman",serif"><a href="mailto:Brent@Williams-RuthLaw.com" target="_blank">e-mail</a></span><span lang="EN-US" style="font-family:"Times New Roman",serif"> / <a href="http://www.Williams-RuthLaw.com/" target="_blank">website</a> /</span><span style="font-family:"Times New Roman",serif; font-size:12.8px"> </span><a href="http://www.facebook.com/bwrconsults" target="_blank" style="font-family:"Times New Roman",serif; font-size:12.8px">facebook</a><span style="font-family:"Times New Roman",serif; font-size:12.8px"> / </span></p>
<p><font face="Times New Roman, serif" color="#ff0000"><span style="font-size:12.8px; background-color:rgb(255,255,255)"><b>As of July 1, 2019 - I began operating as the Law Offices of Brent Williams-Ruth a division of BWR Consulting, PLLC. Please note the
new points of contact Brent@Williams-RuthLaw.com and <a href="http://www.Williams-RuthLaw.com" target="_blank">
www.Williams-RuthLaw.com</a> </b></span></font></p>
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