[WSBARP] Trust Property Purchase Question
Roger Hawkes
roger at skyvalleylawyers.com
Thu Sep 1 15:19:56 PDT 2022
You said 'successor trustee' is a problem. If you meant that non citizen trustee is a problem, then no issue.
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Steve Waltar
Sent: Thursday, September 1, 2022 2:49 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Trust Property Purchase Question
Not sure what your question is: why no problem to have beneficiaries throughout the world or why having non-US Citizens as Trustees creates problems.
My office phone is 425-455-6788 if you'd like to call to discuss.
Stephen M. Waltar
Attorney at Law
[cid:image001.png at 01D8BE16.49252A40]<http://www.waltar.com/> [LEGACY - Final Graphics-05] <http://www.waltar.com/>
Legacy Estate Planning, LLC
A division of Stephen M. Waltar PS
2320 130th Avenue NE, Suite 230, Bellevue, WA 98005
info at waltar.com<mailto:info at waltar.com> | 425.455.6788 o | 425.450.4601 f
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Roger Hawkes
Sent: Thursday, September 1, 2022 2:30 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Trust Property Purchase Question
Steve; why is that?
From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Steve Waltar
Sent: Thursday, September 1, 2022 1:56 PM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] Trust Property Purchase Question
Nothing special in the drafting simply because one of the possible beneficiaries resides outside of the US. It would be a big deal if the first successor Trustee was a non-US Citizen.
Stephen M. Waltar
Attorney at Law
[cid:image001.png at 01D8BE16.49252A40]<http://www.waltar.com/> [LEGACY - Final Graphics-05] <http://www.waltar.com/>
Legacy Estate Planning, LLC
A division of Stephen M. Waltar PS
2320 130th Avenue NE, Suite 230, Bellevue, WA 98005
info at waltar.com<mailto:info at waltar.com> | 425.455.6788 o | 425.450.4601 f
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>
Sent: Thursday, September 1, 2022 1:13 PM
To: wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>; 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [WSBARP] Trust Property Purchase Question
Listmates,
PC has an estranged spouse that they have not communicated with in many years. They were married in Washington but the spouse moved back to the Philippines after they split. PC enters into an agreement to purchase property without even thinking about the estranged spouse. Closing is supposed to happen on 9/8 and yesterday title discovered that PC is still married (oops!).
Lender and title have confirmed that they will still lend and insure, respectively, if PC sets up a revocable living trust and has the trust purchase the property. This seems like a pretty simple solution that will satisfy lender and title and allow the transaction to close. Has anyone seen this before? What issues or concerns should be taken into consideration?
Second issue for bonus points: PC has three children that are here in the U.S. and one child that is in the Philippines and is a citizen of the Philippines. Assuming that PC purchase property through the proposed RLT, what needs to be taken into consideration given the non-resident beneficiary?
Thanks.
Sam
Samuel M. Meyler
Meyler Legal, PLLC
1700 Westlake Ave. N., Ste. 200
Seattle, Washington 98109
Tel: 206.876.7770
Fax: 206.876.7771
Email: samuel at meylerlegal.com<mailto:samuel at meylerlegal.com>
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