Washington Code 11.11.003 – Purposes
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The purposes of this chapter are to:
Terms Used In Washington Code 11.11.003
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
- Testator: A male person who leaves a will at death.
(1) Enhance and facilitate the power of testators to control the disposition of assets that pass outside their wills;
(2) Provide simple procedures for resolution of disputes regarding entitlement to such assets; and
(3) Protect any financial institution or other third party having possession of or control over such an asset and transferring it to a beneficiary duly designated by the testator, unless that third party has been provided notice of a testamentary disposition as required in this chapter.
[ 1998 c 292 § 102.]