<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto">As former in house tax counsel at Seafirst/BofA the reason banks default to JTWROS is for the bank’s convenience and reduction of potential liability. <div><br></div><div>John J. Sullivan<br><br><div dir="ltr">Sent from my iPhone</div><div dir="ltr"><br><blockquote type="cite">On Mar 24, 2022, at 10:29 AM, Eric Nelsen <Eric@sayrelawoffices.com> wrote:<br><br></blockquote></div><blockquote type="cite"><div dir="ltr">
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<p class="MsoNormal">Agree—I have explained this to clients as a protection for the bank: The bank doesn’t have to police who withdraws how much from a multi-owner account, but if an owner withdraws more than they are entitled to, the other owners have a right
to pursue a claim against the one who withdraws the money.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Also, Kary, you are right as a practical matter about banks defaulting to JTWROS. It’s not a statutory presumption, but rather, pretty much every bank I have dealt with in recent years has an account agreement that says “accounts in multiple
names are JTWROS unless otherwise indicated on the account card.” So even if the account card has a box for “JTWROS” and “TIC” and nothing is checked, the default ends up being JTWROS.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Sincerely,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Eric<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Eric C. Nelsen<o:p></o:p></p>
<p class="MsoNormal">Sayre Law Offices, PLLC<o:p></o:p></p>
<p class="MsoNormal">1417 31st Ave South<o:p></o:p></p>
<p class="MsoNormal">Seattle WA 98144-3909<o:p></o:p></p>
<p class="MsoNormal">206-625-0092<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:eric@sayrelawoffices.com"><span style="color:#0563C1">eric@sayrelawoffices.com</span></a><o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b>From:</b> wsbarp-bounces@lists.wsbarppt.com <wsbarp-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Nicholas Pleasants<br>
<b>Sent:</b> Thursday, March 24, 2022 10:00 AM<br>
<b>To:</b> WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBARP] Jt with Rt of Survivorship Acct.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The presumption is that the funds are owned equally. RCW 30A.22.100(3). I think there is a cause of action against the child who unilaterally withdraws all of it if that was not the decedent’s intent.<o:p></o:p></p>
<p class="MsoNormal">Best, <o:p></o:p></p>
<p class="MsoNormal">Nick<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">Nicholas Pleasants | Shareholder
<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="color:black"><o:p> </o:p></span></b></p>
<p class="MsoNormal"><span style="color:#70AD47"><img border="0" width="223" height="95" style="width:2.3229in;height:.9895in" id="Picture_x0020_2" alt="image001.jpg" src="cid:image001.jpg@01D83F69.F99CD2F0"></span><span style="color:#70AD47"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#70AD47"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">11225 SE 6<sup>th</sup> Street | Suite 100 | Bellevue, WA 98004<br>
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: <a href="mailto:npleasants@ohswlaw.com">
npleasants@ohswlaw.com</a> <o:p></o:p></span></p>
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<p class="MsoNormal" style="text-autospace:none"><span style="font-size:10.0pt;font-family:"Times New Roman",serif;color:#1F497D">CONFIDENTIALITY NOTE: This e-mail message contains information belonging to the law firm of Oseran Hahn, P.S., which may be privileged,
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">
wsbarp-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbarp-bounces@lists.wsbarppt.com">wsbarp-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Kary Krismer<br>
<b>Sent:</b> Thursday, March 24, 2022 6:01 AM<br>
<b>To:</b> <a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> Re: [WSBARP] Jt with Rt of Survivorship Acct.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
<p>I would agree with this answer, but go further and say that one of the survivors could likely withdraw all the funds, possibly without the others having a remedy. I'm not sure that intent, now matter how expressed, is enforceable.
<o:p></o:p></p>
<p>BTW, I think by default bank accounts are joint with rights of survivorship. Banks don't want to be drawn into issues over when account holders can withdraw funds.<o:p></o:p></p>
<pre>Kary L. Krismer<o:p></o:p></pre>
<pre>206 723-2148<o:p></o:p></pre>
<div>
<p class="MsoNormal">On 3/23/2022 4:01 PM, Nicholas Pleasants wrote:<o:p></o:p></p>
</div>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p class="MsoNormal">If it is joint tenancy with right of survivorship, the account survives, and will not be disbursed automatically by the bank. JTROS is not the same as a beneficiary designation. Theoretically any child could go and withdraw all of it, although
if the intent was for it to be split 5 ways, then the children should request the bank to issue 5 checks (or wire transfer, etc.) for 1/5 of the account to each of them.<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">Nicholas Pleasants | Shareholder
</span></b><o:p></o:p></p>
<p class="MsoNormal"><b><span style="color:black"> </span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#70AD47"><img border="0" width="223" height="95" style="width:2.3229in;height:.9895in" id="Picture_x0020_1" alt="image001.jpg" src="cid:image001.jpg@01D83F69.F99CD2F0"></span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:#70AD47"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="color:black">11225 SE 6<sup>th</sup> Street | Suite 100 | Bellevue, WA 98004<br>
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: </span><a href="mailto:npleasants@ohswlaw.com">npleasants@ohswlaw.com</a><span style="color:black">
</span><o:p></o:p></p>
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The information is intended only for the use of the individual or entity named above. If you think that you have received this message in error, please e-mail the sender. If you are not the intended recipient, any dissemination, distribution or copying is
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">
wsbarp-bounces@lists.wsbarppt.com</a> <a href="mailto:wsbarp-bounces@lists.wsbarppt.com">
<wsbarp-bounces@lists.wsbarppt.com></a> <b>On Behalf Of </b>Mario Ledesma, Attorney<br>
<b>Sent:</b> Wednesday, March 23, 2022 1:03 PM<br>
<b>To:</b> <a href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBARP] Jt with Rt of Survivorship Acct.<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
<div>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Hello,
</span><o:p></o:p></p>
<div>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black"> </span><o:p></o:p></p>
</div>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">I just filed a petition to probate a will. The personal representative just found out the decedent's bank account, (his mother) has
the five children on as joint with right of survivorship. I expect the bank will disburse the account funds (approximately $300,000) equally between the children. Actually, I'm surprised the bank has not done it already, the decedent passed away February
14, 2022. Am I missing something?</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Thank you!</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Regards,</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Mario Ledesma</span><o:p></o:p></p>
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<p class="MsoNormal"><b><i><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">LEDESMA LAW OFFICES PLLC</span></i></b><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Licensed in Washington and Oregon</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">P. O. Box 1305 </span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Richland, Washington 99352</span><o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:black">Tel: 509.946.1248</span><o:p></o:p></p>
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