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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Heather: the D’s assets are the shares of the corporation owned by D. they may be valued by the assets that are owned by the corporation; but the probate assets
are the shares. Just like when you die owning shares of Microsoft.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Roger Hawkes, WSBA # 5173<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">19909 Ballinger Way NE<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Shoreline, WA 98155<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="http://www.hawkeslawfirm.com"><span style="color:blue">www.hawkeslawfirm.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">206 367 5000<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Fax is 206 367 4005<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> Heather Kolbly [mailto:heather@kolblylaw.com]
<br>
<b>Sent:</b> Monday, January 12, 2015 8:20 AM<br>
<b>To:</b> 'WSBA Real Property Listserv'<br>
<b>Subject:</b> Re: [WSBARP] Corporate assets and probate<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Hi All,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">I am handling a probate where there are corporate assets held by Decedent, and I could use some guidance on how to handle those in the probate of D’s estate.
I know corporate assets typically pass outside of probate, but my questions are:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo2"><![if !supportLists]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><span style="mso-list:Ignore">1.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">If the corporate formation documents are silent as to what happens when a shareholder dies, do the corporate assets held by D then simply pass to
her beneficiary named in her Will (in this case, there is just 1 beneficiary – D’s son). There are 3 corporations here (2 in WA and 1 in OR); in a WA one, D was sole owner/shareholder, in the other two (WA and OR) she was part owner with 2-4 other people.
<o:p></o:p></span></p>
<p class="MsoListParagraph"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo2"><![if !supportLists]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><span style="mso-list:Ignore">2.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Whether the corporate formation documents do or don’t state a procedure for what happens to assets when a shareholder dies, do those assets still
get reported to the court in the probate process?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoListParagraph" style="text-indent:-.25in;mso-list:l0 level1 lfo2"><![if !supportLists]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><span style="mso-list:Ignore">3.<span style="font:7.0pt "Times New Roman"">
</span></span></span><![endif]><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">There is an ancillary probate in OR in this case for other OR assets (real property), and the OR attorney handling that said that the OR corporation
should pass through the WA probate.<o:p></o:p></span></p>
<p class="MsoListParagraph"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">= I am confused.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">I appreciate any help you can offer!<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D">Heather Kolbly<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal" align="center" style="text-align:center"><b><i><u><span style="font-family:"Castellar","serif";color:#1F497D"><o:p><span style="text-decoration:none"> </span></o:p></span></u></i></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style","serif";color:#1F497D">Heather Tobin Kolbly<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style","serif";color:#1F497D">Mobile Attorney
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:14.0pt;font-family:"Goudy Old Style","serif";color:#1F497D">KOLBLY LAW FIRM, P.C.<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-family:"Goudy Old Style","serif";color:#1F497D">Mail:</span></b><span style="font-family:"Goudy Old Style","serif";color:#1F497D"> 704 228<sup>th</sup> Ave. NE #122, Sammamish, WA 98074<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-family:"Goudy Old Style","serif";color:#1F497D">Office:</span></b><span style="font-family:"Goudy Old Style","serif";color:#1F497D"> (425) 522-4234
</span><span style="font-family:Wingdings;color:#1F497D">s</span><span style="font-family:"Goudy Old Style","serif";color:#1F497D">
<b>Cell:</b> (425) 444-1888 <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="mailto:Heather@KolblyLaw.com"><span style="font-size:12.0pt;font-family:"Goudy Old Style","serif";color:#1F497D;text-decoration:none">Heather@KolblyLaw.com</span></a></span><span style="font-family:"Goudy Old Style","serif";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><a href="http://www.kolblylaw.com/"><span style="font-size:12.0pt;font-family:"Goudy Old Style","serif";color:#1F497D;text-decoration:none">www.KolblyLaw.com</span></a></span><span style="font-family:"Goudy Old Style","serif";color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Goudy Old Style","serif";color:#1F497D">
</span><b><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"> </span></b><span style="font-size:11.0pt;font-family:"Goudy Old Style","serif";color:#1F497D"><o:p></o:p></span></p>
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</span></b><b><span style="font-size:11.0pt;font-family:"Goudy Old Style","serif";color:#1F497D">This e-mail and its attachments are confidential and may be protected by attorney/client privilege, work product doctrine, or other nondisclosure protection. If
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<p class="MsoNormal" style="text-align:justify"><b><span style="font-size:11.0pt;font-family:"Goudy Old Style","serif";color:#C00000">IRS CIRCULAR 230 DISCLOSURE:</span></b><b><span style="font-size:11.0pt;font-family:"Goudy Old Style","serif";color:black">
To ensure compliance with new requirements of the Internal Revenue Service, we inform you that, to the extent any advice relating to a Federal tax issue is contained in this communication, including any attachments, it was not written or intended to be used,
and cannot be used, for the purpose of (a) avoiding any tax related penalties that may be imposed on you or any other person under the Internal Revenue Code, or (b) promoting, marketing or recommending to another person any transaction or matter addressed
in this communication.<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:11.0pt;font-family:"Calibri","sans-serif";color:#1F497D"><o:p> </o:p></span></p>
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