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<p class="MsoNormal">To all the excellent points below, I have sometimes found the best teaching exercise with clients is to really dig in and explore some of these “what ifs” and spin the possible unintended consequences. Most really have not thought through
some of the admisntration messes we untangle. Then have your letter be clear you drafted this with great input from clients after suggesting it was not your advised plan...for those possibly disgruntled children.
<o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:16.0pt;font-family:"Vladimir Script";color:#1F497D">Kailei B. Feeney</span><b><span style="font-size:16.0pt;color:#1F497D"><br>
</span></b><i><span style="font-family:"Garamond",serif;color:#1F497D">Attorney-at-Law<o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">3909 California Avenue SW<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">Seattle, WA 98116-3705
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">(206)938-5500
<o:p></o:p></span></p>
<p class="MsoNormal"><a href="mailto:kailei@westseattlelaw.com"><span style="font-size:10.0pt;font-family:Nyala">kailei@westseattlelaw.com</span></a><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
<o:p></o:p></span></p>
<p class="MsoNormal"><a href="http://www.westseattlelaw.com/"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">www.westseattlelaw.com</span></a><span style="font-size:10.0pt;font-family:Nyala;color:#44524E">
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:Nyala;color:#44524E"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;color:#A6A6A6">CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally privileged and/or confidential information. If you have received this e-mail in error, please notify the sender immediately
and delete all copies of this e-mail message and any attachment.</span><span style="font-family:Nyala;color:blue"><o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Diane J. Kiepe<br>
<b>Sent:</b> Tuesday, October 11, 2022 10:17 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Will - Formula - Sale of home to one beneficiary<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">I know this wasn’t the question but you need to be clear that if all assets go to surviving spouse, there may not be that home to purchase at surviving spouse’s death –
what happens in that case if there is say a replacement home – do the kids get the right to buy that.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Also, surviving spouse can change his/her Will so what happens after his/her death may look completely different then to 3 kids.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">I only point this out because I have seen some children with expectations set by one parent meet utter disappointment on the death of the surviving spouse (especially in
blended families). The good news is that it goes as it should 98% of the time but boy if you are dealing with that 2% it can be a nightmare.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">If your client is really wanting to leave a life estate to the surviving spouse that requires different drafting all together (as compared to “all to surviving spouse”).
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""><o:p> </o:p></span></i></p>
<p class="MsoNormal">Diane J. Kiepe<o:p></o:p></p>
<p class="MsoNormal">Douglas Eden<o:p></o:p></p>
<p class="MsoNormal">717 W. Sprague Ave.<o:p></o:p></p>
<p class="MsoNormal">Suite 1500<o:p></o:p></p>
<p class="MsoNormal">Spokane, WA 99201<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:djkiepe@depdslaw.com"><span style="color:#0563C1">djkiepe@depdslaw.com</span></a><o:p></o:p></p>
<p class="MsoNormal">509-455-5300<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <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>>
<b>On Behalf Of </b>Joshua McKarcher<br>
<b>Sent:</b> Tuesday, October 11, 2022 10:09 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] Will - Formula - Sale of home to one beneficiary<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Indeed. Consider using county assessment value times some multiplier IF they feel the county assessment value has been reasonably level for some period of time, etc. etc.
Or something like that. This is doable, just make PR or trustee final arbiter of calculation etc. etc. Or provide an option for 2+ siblings who want to buy to put in their “bids” by some process the PR establishes or whatever. If the provision is a good “rulebook”
these can work. Good luck! Best, Josh <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <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>>
<b>On Behalf Of </b>Philip N. Jones<br>
<b>Sent:</b> Tuesday, October 11, 2022 10:44 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] Will - Formula - Sale of home to one beneficiary<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Give them what they want. But be specific. Is it the Zillow estimate on the date of death? The very next day, that value might be gone. Is it the Zillow estimate a week later? Or a month later? Should an alternate method be listed
in case Zillow goes out of business. Try to think of every possible outcome.<o:p></o:p></p>
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<p class="MsoNormal">Phil Jones<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Get <a href="https://aka.ms/o0ukef">Outlook for iOS</a><o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black">
</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a><span style="color:black"> <</span><a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a><span style="color:black">> on behalf of
Neli Espe, J.D. - Olympic Legal <</span><a href="mailto:neli@olympiclegal.com">neli@olympiclegal.com</a><span style="color:black">><br>
<b>Sent:</b> Tuesday, October 11, 2022 6:12:03 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <</span><a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a><span style="color:black">><br>
<b>Subject:</b> [WSBAPT] Will - Formula - Sale of home to one beneficiary</span> <o:p>
</o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
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<p class="MsoNormal">Dear List-mates, <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">PCs (H & W) with three children. Main asset is the house. Wills to state that all assets go to surviving spouse, then to three children in equal shares. Pretty straightforward.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">PCs want to include a provision in their Wills that once the survivor spouse passes away, one of their three children should be given the opportunity to buy the house
<u>at an easily ascertainable price.</u> They do not want the realtor commission and the appraisal fee. So, in their mind, they see a formula of Zillow estimate (their view of market price) minus 7% (approximate sales commission). <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I have many problems with this approach and have discussed with them at length the proper ways for the PR to handle that matter when the time comes. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Nonetheless, they still want a clause in the wills that does something of this sort. <o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Any ideas?<o:p></o:p></p>
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<p class="MsoNormal">Thanks,<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Neli<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Optima-Regular",serif;color:#5BD2E6">___________________________________</span><span style="font-size:9.0pt;font-family:"Optima-Regular",serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:9.0pt;font-family:"Optima-Regular",serif;color:#1B40AF"> Neli Espe, J.D., Olympic Legal </span></b><span style="font-size:9.0pt;font-family:"Optima-Regular",serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Eurostile",serif;color:#133FE9"> </span><span style="font-size:9.0pt;font-family:"Eurostile",serif;color:#003649"> </span><span style="font-size:9.0pt;font-family:"Optima-Regular",serif;color:#003649"> 360.630.3635</span><span style="font-family:"Optima-Regular",serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Optima-Regular",serif;color:#003649">2114 Commercial Ave., Anacortes</span><span style="font-family:"Optima-Regular",serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Optima-Regular",serif;color:#1B40AF"> Estate & Business Planning </span><span style="font-family:"Optima-Regular",serif"><o:p></o:p></span></p>
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