<html><div> </div>
<div>Was wondering if any of you can help me/have suggestions regarding the following scenario:</div>
<div> </div>
<div>Client’s husband passed away and his Financial Account with LPL (Not an IRA or 401(k) or pension acct), which</div>
<div>was jointly owned by the deceased and his surviving wife, had a beneficiary designation of Joint Community Property (not sure what that means, but it was NOT Joint tenants with rights of survivorship (JTWROS)). (They did not follow my instructions to make it JTWROS.)</div>
<div> </div>
<div>LPL is saying that we need to get Letters Testamentary before they will “unfreeze” the account.</div>
<div>Of course, we can get the Letters Testamentary no problem, but Clients also executed a typical 3-prong</div>
<div>Community Property Agreement (CPA), which has been submitted to LPL, with the relevant language (cited below)</div>
<div>specifically pointed out to them (LPL).</div>
<div> </div>
<div>The CPA in pertinent part states: “Upon the death of either of the parties thereto, all …property …shall become and be considered to be community property as the moment before the death of the first spouse to die. …Title to all described community property shall immediately vest in the surviving party.”</div>
<div> </div>
<div>LPL’s Estate Dept has said, in essence that they don’t care what the CPA says and that we need to to get Letters Testamentary from a Court before they’ll unfreeze the account.</div>
<div> </div>
<div>Anyone had success getting a brokerage house to accept the CPA and not require Letters T?<br>If so, how?</div>
<div> </div>
<div>Thank you in advance for any help you might provide.</div>
<div> </div>
<div>Regards,<br>Larry</div>
<div> </div>
<div> </div>
<div> </div>
<div></div>
<div class="p1"><span class="s1">LARRY A. JOHNSTONE, ATTORNEY AT LAW, PLLC</span></div>
<div class="p1"><span class="s1">Waterfront Park Building</span></div>
<div class="p1"><span class="s1">144 Railroad Avenue, Suite 203</span></div>
<div class="p1"><span class="s1">Edmonds, WA 98020</span></div>
<div class="p1"><span class="s1">Toll-free Number: (888) 878-4478 </span></div>
<div class="p1"><span class="s1"><span class="Apple-converted-space"> </span>(you may leave a message after Six Long Rings)</span></div>
<div class="p1"><span class="s1">**Email: LAJ-LAWS@juno.com** (Best way to reach Larry is email)</span></div>
<div class="p1"><span class="s1"> </span></div>
<div class="p2"> </div>
<div class="p1"><span class="s1">THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.</span></div>
<div class="p1"><span class="s1">If the reader of this message is not the intended recipient,<span class="Apple-converted-space"> </span>or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, forwarding, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email or telephone, and delete the original message immediately.</span></div>
<div> </div>
<div> </div>
<div> </div>
<div> </div></html>