Question 1. Can I revoke a living trust?
Probably. Most people who create a living trust create a revocable living trust. A revocable trust is one that you can modify at will. Modification includes revocation, so as long as you created a revocable living trust you can revoke it whenever you like.
Question 2. How do I revoke my living trust?
That depends on the terms you established when you created the trust. A person who creates a trust, commonly called a settlor, chooses how the trust operates by creating a document that lists specific terms. If you are like most people you probably had your estate planning attorney create the trust document on your behalf. If you’d like to revoke the trust you will need to review the document and pay close attention to any of the terms about revocation.
Question 3. What are the specific steps involved in revoking the trust?
Again, it depends on what your trust document says, but you can expect to perform two primary tasks. First, you will have to create a document that states that you are revoking the trust. You will likely have to sign this document and have it notarized.
Second, you will have to transfer all of the property the trust owned back into your name. Most people who create a revocable living trust serve as their own trustee, so you might end up transferring the trust property from your name as a trustee, back into your name as an owner.
- Plan Now for the Incredible Shrinking Exclusion - July 29, 2021
- SSI vs. SSDI — Understanding the Difference - July 27, 2021
- How to Leave Gifts to Charities in Your Estate Plan - July 22, 2021
