Washington Code 11.08.205 – Lease, sublease, or rental of escheated real property — Authorized — Expenses — Distribution of proceeds
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(1) The department of natural resources shall have the authority to lease real property from the administrator of an estate being probated under the escheat provisions, RCW 11.08.140 to 11.08.280.
Terms Used In Washington Code 11.08.205
- Administrator: means a personal representative of the estate of a decedent and the term may be used in lieu of "personal representative" wherever required by context. See Washington Code 11.02.005
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Probate: Proving a will
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(2) The department of natural resources shall have the authority to sublease or rent the real property, it has leased under subsection (1) of this section, during the period that the real property is under the authority of the court appointed administrator.
(3) Any moneys gained by the department of natural resources from leases or rentals shall be credited to an escheat reserve account bearing the name of the estate.
(4) The department of natural resources shall have the authority to expend moneys to preserve and maintain the real property during the probate period.
(5) Any expenses by the department of natural resources in preserving or maintaining the real property may be paid as follows:
(a) First, the expenses shall be charged to the escheat reserve account bearing the name of the estate; and
(b) Second, if the expenses exceed the escheat reserve account, then the expenses shall be paid as follows:
(i) If the land is distributed to the state by the administrator, the expenses shall be paid out of the sale price of the land as later sold by the department of natural resources, or shall be paid out of the general fund if the land is held for use by the state; or
(ii) If the land is distributed to the heirs by the administrator, the expenses shall be borne by the estate.
(6) Upon the final distribution of the real property, the escheat reserve account shall be closed out as follows:
(a) If the real property is distributed to the state, the balance of the account shall be paid into the permanent common school fund of the state; or
(b) If the real property is distributed to the heirs, the balance of the account shall be paid to the estate.