<html><body><span style="font-family:Verdana; color:#000000; font-size:12pt;"><div>It appears the TODD would nicely effectuate transfer of the property, but the assignment to take place on death seems problematic. Since a TODD can be used to transfer property to an entity (say, a corporation or partnership), why not create the entity now, establish spouses and child as owners, assign the lease to the entity with provisions in the entity document to redirect the payments to the child upon the second spouses death, and create the TODD with the entity as Grantee?<br><br></div>
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-------- Original Message --------<br>
Subject: Re: [WSBARP] Assignment of Lease upon death<br>
From: Margaret Delp <<a href="mailto:delp@whidbey.net">delp@whidbey.net</a>><br>
Date: Tue, August 02, 2016 7:46 pm<br>
To: WSBA Real Property Listserv <<a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br>
<br>
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</style><![endif]--><div class="WordSection1"><div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi">Hi David:<o:p></o:p></span></div><div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi">No, the lease does not mention heirs, etc.<span style="mso-spacerun:yes"> </span>The clients (lessors) intend to leave their real property with adjacent tidelands to their daughter (possibly via TODD).<span style="mso-spacerun:yes"> </span>They hope to assign the lease to their daughter upon their deaths as well.<span style="mso-spacerun:yes"> </span>They do not want to transfer the property or assign the benefit of the lease until their deaths.<span style="mso-spacerun:yes"> </span></span><span style="mso-fareast-font-family:"Times New Roman"">Could the couple could simply execute an assignment of their rights to receive payments under the lease to take effect upon the second spouse’s death (with the real property transferred via transfer on death deed).<span style="mso-spacerun:yes"> Then, couldn't t</span>he Personal Representative (also sole beneficiary) present the assignment to the lessee following death of both her parents. Is there any reason this would not be effective? Would a probate be required? Has anyone done this? <o:p></o:p></span></div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-fareast-font-family:"Times New Roman"">Thanks,<br>Margaret<o:p></o:p></span></div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-fareast-font-family:"Times New Roman""><o:p> </o:p></span></div><div class="MsoNormal" style="font-size:12pt;"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi"><o:p> </o:p></span></div><div class="MsoNormal" style="font-size:12pt;"><a target="_blank" name="_MailEndCompose"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-ascii-theme-font:minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";mso-bidi-theme-font:minor-bidi"><o:p> </o:p></span></a></div><span style="mso-bookmark:_MailEndCompose"></span><div><div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in"><div class="MsoNormal" style="font-size:12pt;"><a target="_blank" name="_MailOriginal"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-fareast-font-family:"Times New Roman"">From:</span></b></a><span style="mso-bookmark:_MailOriginal"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;mso-fareast-font-family:"Times New Roman""> <a target="_blank" href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a> [<a target="_blank" href="mailto:wsbarp-bounces@lists.wsbarppt.com">mailto:wsbarp-bounces@lists.wsbarppt.com</a>] <b>On Behalf Of </b><a target="_blank" href="mailto:david@vaughanlawonline.net">david@vaughanlawonline.net</a><br><b>Sent:</b> Tuesday, August 2, 2016 2:14 PM<br><b>To:</b> WSBA Real Property Listserv <<a target="_blank" href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a>><br><b>Subject:</b> Re: [WSBARP] Assignment of Lease upon death<o:p></o:p></span></span></div></div></div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><o:p> </o:p></span></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Does the lease have common language defining the lessor (such as, A and B, and their heirs, successors, and assignees)? If so, the property and lease payments pass to the heirs upon death, though they'd be probate assets. Or was the intent to separate the right to receive lease payments from property ownership?<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p> </o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">There are myriad ways to do this, but I'd think the parties intent as to which interests to pass to whom (the property and the lease payments) and tax implications are significant factors to consider. An inter vivos transfer, whether to a person or trust, can have gift or estate tax implications. If property and lease payments are to travel together, an inter vivos transfer to the sole heir, reserving a life estate to the property (which would include lease payments), would seem to effectuate a transfer of the property as a gift, at a value which could be discounted for the reserved life estate, and take it out of probate, albeit at the price of using some of the couple's lifetime gift exclusion. There also might be real estate excise tax due on the transfer. I think this can be accomplished with a Quitclaim Deed reserving the life estate.<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p> </o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"></span><a target="_blank" href="http://www.washingtonlawhelp.org/files/C9D2EA3F-0350-D9AF-ACAE-BF37E9BC9FFA/attachments/39297585-C160-3315-4545-295BD7475F68/6260en_quitclaim-deeds-and-life-estates.pdf"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman"">http://www.washingtonlawhelp.org/files/C9D2EA3F-0350-D9AF-ACAE-BF37E9BC9FFA/attachments/39297585-C160-3315-4545-295BD7475F68/6260en_quitclaim-deeds-and-life-estates.pdf</span></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p> </o:p></span></span></div></div><blockquote style="border:none;border-left:solid blue 1.5pt;padding:0in 0in 0in 6.0pt;margin-left:6.0pt;margin-top:5.0pt;margin-bottom:5.0pt" id="replyBlockquote"><div id="wmQuoteWrapper"><div class="MsoNormal" style="font-size:12pt;margin-bottom:12.0pt"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">-------- Original Message --------<br>Subject: Re: [WSBARP] Assignment of Lease upon death<br>From: Richard Holland <</span></span><a href="mailto:rich@pnwle.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman"">rich@pnwle.com</span></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">><br>Date: Tue, August 02, 2016 10:14 am<br>To: WSBA Real Property Listserv <</span></span><a href="mailto:wsbarp@lists.wsbarppt.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman"">wsbarp@lists.wsbarppt.com</span></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">><o:p></o:p></span></span></div><div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">I am sure there are 100 ways to do this but couldn’t they assign the lease to an LLC or Trust right now? (I don’t know about Trusts, I am honestly thinking more about an LLC). The LLC documents would then govern the transfer of the ownership interests and I should think there is a way to draft the Operating Agreement where those would pass outside of probate although wiser heads than mine might have more guidance in that regard.<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Thanks,<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Rich Holland<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"></span><a href="mailto:rich@pnwle.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><u><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:#0563C1">rich@pnwle.com</span></u></span><span style="mso-bookmark:_MailOriginal"></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">733 7th Avenue, Suite 110</span></span><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Kirkland, WA 98033</span></span><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">425-836-6240 / 425-748-3901 (fax)</span></span><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-size:9.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">The information contained in this communication, and in any attached document(s), is privileged and/or confidential, intended solely for the individual/entity to whom/which it was sent. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copying of this information is strictly prohibited. If you have received this email in error, please notify me immediately at the email address, mailing address, or telephone or fax number above.</span></span><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><o:p></o:p></span></span></div></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in"><div><div class="MsoNormal" style="font-size:12pt;mso-outline-level:1"><span style="mso-bookmark:_MailOriginal"><b><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">From:</span></b></span><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> </span></span><a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><u><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:blue">wsbarp-bounces@lists.wsbarppt.com</span></u></span><span style="mso-bookmark:_MailOriginal"></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> [</span></span><a href="mailto:wsbarp-bounces@lists.wsbarppt.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><u><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:blue">mailto:wsbarp-bounces@lists.wsbarppt.com</span></u></span><span style="mso-bookmark:_MailOriginal"></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">] <b>On Behalf Of </b>Margaret Delp<br><b>Sent:</b> Monday, August 01, 2016 3:33 PM<br><b>To:</b> </span></span><a href="mailto:WSBARP@lists.wsbarppt.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><u><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:blue">WSBARP@lists.wsbarppt.com</span></u></span><span style="mso-bookmark:_MailOriginal"></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">; </span></span><a href="mailto:WSBAPT@lists.wsbarppt.com" target="_blank"><span style="mso-bookmark:_MailOriginal"><u><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:blue">WSBAPT@lists.wsbarppt.com</span></u></span><span style="mso-bookmark:_MailOriginal"></span></a><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><br><b>Subject:</b> [WSBARP] Assignment of Lease upon death<o:p></o:p></span></span></div></div></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Hello everyone:<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">I am working on an estate plan for a married couple. They are the lessors in a 30-year Tidelands Lease. In the event of their demise, they would like their only heir to receive the right to payments from lessee (shellfish company). The lease includes provisions reserving the right of the lessor to assign the agreement by giving advance written notice to lessee. <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">What is the best way to handle this? Can one assign a lease effective upon death?<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">I should also note that the couple hopes to have a very simple estate plan which also avoids probate. We are considering simple wills with a transfer on death deed for the property adjacent to the tidelands. <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Thanks,<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Margaret<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">--<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Law Office of Margaret Delp<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Mailing address:<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">PO Box 292<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Langley, WA 98260<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Physical Address:<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">2815 Howard Road, Second Floor<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Langley, WA 98260<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black">Telephone: 360-579-4530<o:p></o:p></span></span></div></div><div><div class="MsoNormal" style="font-size:12pt;"><span style="mso-bookmark:_MailOriginal"><span style="font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"> <o:p></o:p></span></span></div></div></div><div class="MsoNormal" style="font-size:12pt;text-align:center" align="center"><span style="mso-bookmark:_MailOriginal"><span style="font-size:10.0pt;font-family:"Verdana",sans-serif;mso-fareast-font-family:"Times New Roman";color:black"><hr size="3" width="100%" align="center"></span></span></div><div class="MsoNormal" style="font-size:12pt;"><span 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