Compliance Question of the Week
October 16, 2012
October 16, 2012
We had a member who lived in Utah when he passed away. His personal representative has letters of testamentary granted from Utah. Can we turn over the assets to the personal representative based on those letters?
In Washington State, RCW 30.22.200 allows for payments to foreign personal representatives and release of financial institutions relying on the documents provided.
The requirements are:
- At least 60 days have elapsed since the date of the deceased depositor’s death; and
- Upon receipt of the following:
- Proof of death of the deceased depositor or beneficiary;
- Proof of the appointment and continuing authority of the personal representative requesting payment;
- The personal representative’s, or its agent’s, affidavit to the effect that to the best of his or her knowledge no personal representative has been or will be appointed under the laws of this state; and
- Receipt of either an estate tax release from the department of revenue or the personal representative’s, or its agent’s, affidavit that the estate is not subject to Washington estate tax. However, if a personal representative of the deceased depositor’s or beneficiary’s estate is appointed and qualified as such under the laws of this state, and delivers proof of the appointment and qualification to the office or branch of the financial institution in which the deposit is maintained prior to the transmissions of the sums on deposit to the foreign personal representative, then the funds shall be paid to the personal representative of the deceased depositor’s or beneficiary’s estate who has been appointed and qualified in this state.
In Oregon, ORS 116.263 allows for payment to foreign personal representatives after three months for a non-resident descendent. The personal representative will need to provide an affidavit stating:
- The date of the death of the nonresident decedent;
- That no local administration or application thereof is pending in this state; and
- That the foreign personal representative is entitled to payment or delivery.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.