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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple style='word-wrap:break-word'><div class=WordSection1><p class=MsoNormal>The worst default I’ve come across is one that didn’t designate the estate, but rather the “intestate heirs” of the decedent. That can be a show-stopper where the decedent was alienated from those heirs for decades. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>John J. Sullivan<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com> <b>On Behalf Of </b>Paul Neumiller<br><b>Sent:</b> Saturday, October 31, 2020 10:01 AM<br><b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br><b>Subject:</b> Re: [WSBAPT] IRA without Beneficiary Designation<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><span style='font-size:12.0pt;color:black'>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?<o:p></o:p></span></p></div><div><div><p class=MsoNormal><span style='font-size:12.0pt;color:black'><o:p> </o:p></span></p></div><div class=MsoNormal align=center style='text-align:center'><hr size=2 width="98%" align=center></div><div id=divRplyFwdMsg><p class=MsoNormal><b><span style='color:black'>From:</span></b><span style='color:black'> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> on behalf of Philip N. Jones <<a href="mailto:pjones@duffykekel.com">pjones@duffykekel.com</a>><br><b>Sent:</b> Saturday, October 31, 2020 8:06 AM<br><b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br><b>Subject:</b> Re: [WSBAPT] IRA without Beneficiary Designation</span> <o:p></o:p></p><div><p class=MsoNormal> <o:p></o:p></p></div></div><div><p class=MsoNormal>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. <o:p></o:p></p><div><p class=MsoNormal>Phil Jones<o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:12.0pt'>Portland OR<o:p></o:p></p><div><p class=MsoNormal>Philip N. Jones <o:p></o:p></p><div><p class=MsoNormal>Duffy Kekel LLP<o:p></o:p></p></div><div><p class=MsoNormal>Portland, OR<o:p></o:p></p></div><div><p class=MsoNormal><a href="mailto:pjones@duffykekel.com">pjones@duffykekel.com</a><o:p></o:p></p></div><div><p class=MsoNormal>(503) 853-1482 cell<o:p></o:p></p></div></div><div><p class=MsoNormal><br><br><o:p></o:p></p><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><p class=MsoNormal style='margin-bottom:12.0pt'>On Oct 31, 2020, at 7:15 AM, Brent Williams-Ruth <<a href="mailto:brent@williams-ruthlaw.com">brent@williams-ruthlaw.com</a>> wrote:<o:p></o:p></p></blockquote></div><blockquote style='margin-top:5.0pt;margin-bottom:5.0pt'><div><p class=MsoNormal> <o:p></o:p></p><div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'>Greetings List - <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span 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. <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span 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. <o:p></o:p></span></p></div><div><p class=MsoNormal><span style='font-family:"Arial",sans-serif'><o:p> </o:p></span></p></div><div><p class=MsoNormal><span 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?<o:p></o:p></span></p></div><div><div><div><div><div><p><b><span style='font-family:"Times New Roman",serif'>Brent Williams-Ruth</span></b><span style='font-family:"Times New Roman",serif'> (preferred pronoun: he/him)<br><i>Attorney-At-Law</i></span><o:p></o:p></p><p><b><span style='font-family:"Times New Roman",serif'>Law Offices of Brent Williams-Ruth, </span></b><b><span style='font-size:7.5pt;font-family:"Times New Roman",serif'>a division of BWR Consulting, PLLC</span></b><o:p></o:p></p><p><span style='font-family:"Times New Roman",serif'>Office/Scheduling Phone:<span style='color:#004080'> </span>(425) 830-5134</span><o:p></o:p></p><p><span style='font-family:"Times New Roman",serif'>Direct Mobile: (206) 889-7919</span><o:p></o:p></p><p><span style='font-family:"Times New Roman",serif'><a href="mailto:Brent@Williams-RuthLaw.com" target="_blank">e-mail</a> / <a href="http://www.Williams-RuthLaw.com/" target="_blank">website</a> /</span><span style='font-size:9.5pt;font-family:"Times New Roman",serif'> </span><a href="http://www.facebook.com/bwrconsults" target="_blank"><span style='font-size:9.5pt;font-family:"Times New Roman",serif'>facebook</span></a><span style='font-size:9.5pt;font-family:"Times New Roman",serif'> / </span><o:p></o:p></p><p><b><span style='font-size:9.5pt;font-family:"Times New Roman",serif;color:red;background:white'>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 <a href="mailto:Brent@Williams-RuthLaw.com">Brent@Williams-RuthLaw.com</a> and <a href="http://www.Williams-RuthLaw.com" target="_blank">www.Williams-RuthLaw.com</a> </span></b><o:p></o:p></p></div></div></div></div></div></div><p class=MsoNormal>***Disclaimer: Please note that RPPT listserv participation is not restricted to practicing attorneys and may include non-practicing attorneys, law students, professionals working in related fields, and others.***<br>_______________________________________________<br>WSBAPT mailing list<br><a href="mailto:WSBAPT@lists.wsbarppt.com">WSBAPT@lists.wsbarppt.com</a><br><a href="http://mailman.fsr.com/mailman/listinfo/wsbapt">http://mailman.fsr.com/mailman/listinfo/wsbapt</a><o:p></o:p></p></div></blockquote></div></div></div></div></body></html>