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<p class="MsoNormal">There are a lot of facts missing here, so it’s hard to say what the court might or might not approve. But theoretically yes, a lay person could qualify to serve as sole trustee or co-trustee of a MST and post a bond. Depending on the amount
of money involved, those annual bond premiums could be a lot (see e.g. <a href="https://www.webondu.com/bond-rates">
https://www.webondu.com/bond-rates</a>). That’s one factor that might justify the cost of a professional fiduciary such as a trust company that is not required to purchase the bond. And the annual reporting is a bit cumbersome. I’ve never had a non-family lay
person want to be involved on that level, but if there is a sophisticated family friend that can do this, then that’s great! I’d run this by the SGAL to take their temperature on it before I got too far along in the drafting process.<o:p></o:p></p>
<p class="MsoNormal">Best, <o:p></o:p></p>
<p class="MsoNormal">Nick<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="color:#2B6AA4">Nicholas Pleasants<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#2B6AA4">Owner<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#2B6AA4"><o:p> </o:p></span></p>
<p class="MsoNormal"><a 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@01D7D654.ED90B680" alt="(Logo) Pleasants Law Firm"></span></b></a><b><span style="color:#2B6AA4"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><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 href="mailto:nick@pleasantslaw.com"><span style="color:#2E75B6">nick@pleasantslaw.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#2E75B6"><a href="http://www.pleasantslaw.com"><span style="color:#2E75B6">www.pleasantslaw.com</span></a>
<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">From: </span></b><span style="font-size:12.0pt;color:black"><wsbapt-bounces@lists.wsbarppt.com> on behalf of Michael Geoghegan <nwstrategyandplanning@outlook.com><br>
<b>Reply-To: </b>WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Date: </b>Wednesday, November 10, 2021 at 3:54 PM<br>
<b>To: </b>"wsbapt@lists.wsbarppt.com" <wsbapt@lists.wsbarppt.com><br>
<b>Subject: </b>[WSBAPT] Trustee choice for Minor Settlement Trust, SPR RULE 98.16W(j)(3)(C)<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black">Hi All,<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black">I am drafting a Trust to hold settlement funds for a minor, to be approved in King County Ex Parte.
<span style="background:white">Client wants to name a family friend as the Trustee. The friend is capable but is not a professional fiduciary. </span>SPR Rule 98.16W(j)(3)(C) requires the Trustee or Co-Trustee to be a "bonded or insured fiduciary" to serve
as Trustee or Co-Trustee. <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black;background:white">Must the Trustee be a professional fiduciary, not a regular human who puts up a bond with the court? </span><span style="font-size:12.0pt;color:black"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black">-Michael<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
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<p style="background:white"><span style="font-size:10.0pt;color:black">Michael Geoghegan<br>
Northwest Strategy and Planning, PLLC<br>
t: 206.353.5592<br>
e: michael@nwstrategyandplanning.com</span><span style="font-size:12.0pt;color:black"><o:p></o:p></span></p>
<p style="background:white"><span style="font-size:10.0pt;color:black">w: <a href="http://nwstrategyandplanning.com">
<span style="color:#006FC9">nwstrategyandplanning.com</span></a> | <a href="https://www.linkedin.com/in/michael-geoghegan-5893407" title="Cmd+Click or tap to follow the link">
<span style="color:#006FC9">LinkedIN</span></a></span><span style="font-size:12.0pt;color:black"><o:p></o:p></span></p>
<p style="background:white"><span style="font-size:10.0pt;color:black">Scheduling: <a href="https://northwest-strategy-and-planning-pllc.appointlet.com"><span style="color:#006FC9">https://northwest-strategy-and-planning-pllc.appointlet.com</span></a></span><span style="font-size:12.0pt;color:black"><o:p></o:p></span></p>
<p style="background:white"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
<p style="background:white"><span style="font-size:12.0pt;color:black"><img border="0" width="200" height="64" style="width:2.0833in;height:.6666in" id="_x0000_i1025" src="cid:image002.png@01D7D654.ED90B680"><o:p></o:p></span></p>
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