Maybe you set up your revocable trust as a married couple before you got divorced. Perhaps you’ve decided to change who the successor trustee will be. Or maybe you’ve decided it’s too much work to keep putting newly acquired assets into the revocable trust (also called a living trust).
Whatever your reason, if you decide to revoke the revocable trust, it is possible (which is why it’s named as it is).
To do that, first, see if inside the trust itself is a procedure for how to dissolve it. If not, you’ll need to follow these basic steps:
- Remove all of your assets from the revocable trust. This includes having your attorney change the title of your real estate and transferring ownership of other assets from the trust back into your name.
- Have your attorney draft a “dissolution document,” which must be signed and notarized and have two witnesses. As with the original trust documents when they were created, this document must be stored carefully, since in most cases it is not filed with the court.
- Draft a new will or create a new trust.Now that you don’t have that trust ensuring the distribution of your assets, you’ll need to draft a new will. Alternatively, if you want to create another trust with different assets or successor trustees than your former trust, that should be done right away.
Having the Law Offices of Gary M. Landau by your side during each step in a real estate or probate matter helps insure that the process goes as smoothly as possible. For more information, call 954-979-6566 or email for a free consultation.