[WSBARP] TODD and Title update

[Lynn Clare]

I do, but only if the beneficiary is 1) all the children or 2) an
individual and there is NO spouse and NO children - IOW, a slam dunk in the
new title-company interpretation of the law.



On Fri, Jan 5, 2024 at 10:17 AM Jan Kelly <jan at jankellylaw.com> wrote:

> I don't recommend them to clients anymore, due to situations like this
> one.
>
> On Thu, Jan 4, 2024 at 4:19 PM Timothy Lehr <timothy at stileslaw.com> wrote:
>
>> All,
>>
>>
>>
>> I wanted to let the listserv know about a recent opinion I received from
>> a title company.
>>
>>
>>
>> Surviving husband had a Will that left everything to three kids, equally.
>> He subsequently recorded a TODD as estate planning tool because he wanted
>> one son to have a house, which son lived in with him. Husband passed and
>> about 6 months later son decides to sell house. He records death
>> certificate to have title transferred to him via TODD. At closing, title
>> company is now asking for a copy of a Will, if any, and lack of probate
>> affidavit. I contact them and ask why, and they say that it’s their new
>> policy to ask for this. We get into it a little bit, and they say their
>> legal department does not want to get into litigation with any other heirs
>> of the estate. I ask “What if the Will says something different?” And they
>> answer vaguely that it might cause a problem. They said the TODD statute is
>> “too new” and “there is no case law on it” and they don’t want to get
>> wrapped up in litigation.
>>
>>
>>
>> Moral of the story, if the Will contradicts the TODD in any way, or even
>> if it is silent as in this scenario, they may not insure title in TODD
>> grantee. This seems crazy and would completely change the way many
>> attorneys advise on TODDs as estate planning tools. Has anyone else heard
>> of this?
>>
>>
>>
>> *Timothy C. Lehr*
>>
>> Attorney & Partner
>>
>>
>>
>>
>>
>> p:   360.855.0131
>>
>> e:   timothy at stileslaw.com
>>
>> w:  www.stileslaw.com
>>
>>
>>
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>>
>
>
> --
>
>
> *Jan Kelly, JD/MBA*Attorney at Law
>
> JK Law
> PO Box 1964
> Poulsbo, WA 98370
> Direct Line (702) 338-6733
>
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