Revocation Of A Trust

Revocation of a Trust

A Trust is a legal document containing a formal agreement between parties in which one party grants or vests the ownership rights (title) to one or more trustees for the purposes of conservation, protection, or preservation on behalf of the first party or beneficiary of the trust. This instrument normally and usually states: The reasons and purposes as to why the trust was established and the actions that will terminate the trust, a detailed record of what assets are placed and present in the trust, the authority and boundaries of the said trustees, the reporting requirements of the trustees, and other provisions associated to the trust. It may also state the compensation that the trustees will be receiving, if there are any.

A trust, unlike a will controlled by probate law (proof of validity), is controlled by contract law making any and all amendments to a Revocable Living Trust easier. This is due to the fact that it is all done in writing, it does not need witnesses during its procedure, and that it need not be notarized by a notary public. A Revocable living Trust does not have to be signed by the Grantors and Trustees of the said trust. A Revocation of a trust is the cancellation of the trust and the re-transferring of all assets back into the hands of the Grantor. This can be done at anytime at the disposal of the Grantor. The only requirement for these actions are for paper-works to be filled out.

Revocation of a Trust

I, _____________ (“Grantor”), do hereby revoke the ______________(“Trust”).

All assets remaining in the Trust shall be re-transferred to the Grantor.
______________________
Grantor
______________________
Acknowledged by Trustee
Date:

STATE OF __________________.
COUNTY OF _________________.

This instrument was acknowledged before me on this __ day of ________, 20__, by Grantor, _____________, as his/her free act and deed.

___________________
Notary Public
My commission expires on:

Revocation of a Trust
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. As with most things, getting out of them is harder than getting into them. Revoking a trust is no different. You must be sure the Trustee distributes the assets prior to signing the revocation. The Grantor should also review his or her pour-over will. It is advisable to write a new will prior to revocation to avoid confusion and later expense.

1. Make multiple copies. Send one to each party having a copy of the original Trust. Be sure to keep a complete file with the original Trust and this revocation as well.

 

 

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