<html><body><span style="font-family:Times New Roman; color:#000000; font-size:12pt;"><div>Thanks - really helpful </div><div><br></div><div><img id="sigimg0" title="signature image" src="cid:sigimg0@1bebb152dba67c5edaa8f0bf6d3f69f3" border="0" alt=""></div><div><br><br></div>
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Subject: Re: [WSBAPT] Listing Successor Trustee of RLT as beneficiary<br>
From: Nicholas Pleasants <<a href="mailto:nick@pleasantslaw.com">nick@pleasantslaw.com</a>><br>
Date: Wed, November 18, 2020 12:08 pm<br>
To: WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
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</style> <div class="WordSection1"> <div class="MsoNormal" style="font-size:12pt;">The bank is correct. The proper way to have a Successor Trustee take the funds as a fiduciary is to retitle the entire account as a fiduciary account inter vivos. The account should be owned by “John Doe & Jane Doe, Trustees of the Doe Family RLT dated 11/18/2020, and any amendments thereto”. Then provide the bank a Certificate of Trust that shows Mary Doe as Successor Trustee. We’ve worked with BECU a few times, for example they prefer to fill out their own Certificate of Trust and will require Mary Doe’s SSN for their internal record keeping. This way there is no beneficiary, the account simply is a trust account. And that makes it a really smooth transition.<o:p></o:p></div> <div class="MsoNormal" style="font-size:12pt;">If clients really do not want to retitle the account, you could try listing the beneficiary simply as “Doe Family RLT dated 11/18/2020, and any amendments thereto”. Then Mary Doe could claim it by presenting death certificates of both John and Jane, and a Certificate of Trust showing her as the successor trustee. If the branch won’t make this change, send a letter by certified mail to the bank’s “National Association” (e.g. Bank of America, N.A., 100 N. Tryon Street, Charlotte, North Carolina 28255) listing the account number and the new beneficiary. Financial Institutions are notorious for pushing back on listing a trust as a beneficiary, this is an ongoing struggle, especially for IRA’s and 401(k)s.<o:p></o:p></div> <div class="MsoNormal" style="font-size:12pt;">Best, <o:p></o:p></div> <div class="MsoNormal" style="font-size:12pt;">Nick<o:p></o:p></div> <div class="MsoNormal" style="font-size:12pt;"><b><span style="color:#2B6AA4">Nicholas Pleasants<o:p></o:p></span></b></div> <div class="MsoNormal" style="font-size:12pt;"><span style="color:#2B6AA4">Owner<o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><a target="_blank" href="http://www.pleasantslaw.com/"><b><span style="color:#2B6AA4;text-decoration:none"><img border="0" width="144" height="44" style="width:1.5in;height:.4583in" id="Picture_x0020_2" src="cid:image001.png@01D6BDA3.91E0B530" alt="(Logo) Pleasants Law Firm" wbeuser="michael@westseattleattorney.com"></span></b></a><b><span style="color:#2B6AA4"><o:p></o:p></span></b></div> <div class="MsoNormal" style="font-size:12pt;"><span style="color:black">Pleasants Law Firm, P.S.<br> 2300 130th Ave NE, Suite A-101<br> Bellevue, WA 98005-1755<br> (425) 615-7070 tel/fax<br> </span><span style="color:#2E75B6"><a target="_blank" href="mailto:nick@pleasantslaw.com"><span style="color:#2E75B6">nick@pleasantslaw.com</span></a><o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="color:#2E75B6"><a target="_blank" href="http://www.pleasantslaw.com"><span style="color:#2E75B6">www.pleasantslaw.com</span></a> <o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:8.0pt;color:black">The information contained in this e-mail message may be privileged and is confidential information intended only for the use of the recipient, or any employee or agent responsible to deliver it to the intended recipient. Any unauthorized use, distribution or copying of this information is strictly prohibited and may be unlawful.</span><span style="color:black"><o:p></o:p></span></div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:8.0pt;color:black">If you have received this communication in error, please notify the sender immediately and destroy the original message and all attachments from your electronic files.</span><o:p></o:p></div> <div class="MsoNormal" style="font-size:12pt;"><o:p> </o:p></div> <div class="MsoNormal" style="font-size:12pt;"><o:p> </o:p></div> <div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in"> <div class="MsoNormal" style="font-size:12pt;"><b><span style="font-size:12.0pt;color:black">From: </span></b><span style="font-size:12.0pt;color:black"><<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> on behalf of "<a href="mailto:michael@westseattleattorney.com">michael@westseattleattorney.com</a>" <<a href="mailto:michael@westseattleattorney.com">michael@westseattleattorney.com</a>><br> <b>Reply-To: </b>WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br> <b>Date: </b>Wednesday, November 18, 2020 at 11:17 AM<br> <b>To: </b>"WSBA Probate & Trust Listserve" <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br> <b>Subject: </b>[WSBAPT] Listing Successor Trustee of RLT as beneficiary<o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><o:p> </o:p></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black">My clients tell me that the banks will not allow them to list a beneficiary as the Successor Trustee - so that the beneficiary takes the funds as a fiduciary, what wording do others use? Thanks Mike <o:p></o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black"><o:p> </o:p></span></div> </div> <div> <div class="MsoNormal" style="font-size:12pt;"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:black"><img border="0" width="500" height="100" style="width:5.2083in;height:1.0416in" id="sigimg0" src="cid:image002.png@01D6BDA3.91E0B530" wbeuser="michael@westseattleattorney.com"><o:p></o:p></span></div> </div> </div> <hr>***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>
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