Revoking a Living Trust
Many people in the Dallas area who create an estate plan use a revocable living trust as a key part. Through a revocable living trust you gain numerous benefits and options. For example, revocable trusts allow you to largely avoid the necessity of your estate having to pass through the probate process, as well as give you the ability to transfer inheritances privately.
Yet there may come a time when you want to revoke your living trust. Revoking these types of trusts is relatively uncommon, but if you and your attorney determine that such a move is in your best interest, it’s a relatively simple process to do it.
Review
When you created the trust you likely included terms that addressed what you need to do to revoke it. You will need to review the original document and pay attention to the terms.
Revoke
Revocation clauses typically require that you will have to create a document stating that you wish to revoke the trust. You will then typically have to sign and deliver that document to the trustee. In some situations, your trust terms may require that you sign the revocation statement before a notary.
Re-Title
The hardest part in revoking a living trust is retitling the property the trust owned. Some property is relatively easy to retitle, while other property, such as real estate, can require significant planning and attention to detail. To effectively revoke the trust, you will need to develop a list of all the trust property and determine how you need to retitle each piece.
To learn more, please download our free revocable living trusts in Texas report here.
