Found an issue on this page? Let us know and we will look into it as soon as possible.
How Do I revoke a revocable trust in California?
Anonymous2 views3 answers
My husband and I have filed for legal separation. As a result our trust must be revoked.
I need to know:
A) In what part of the trust the revocation instruction is placed.
B) what steps and forms I need to take.
C) Is there a cost to this? Do I need an attorney or can I do this myself?
Thank You very much for your response in advance.
These are the simple answers to your questions.
A) You usally see it at the beginning where it mentions amendment or revocation.
B) You would sign a form stating that you revolde the trust (but the trust may dictate the manner and means by which you can revoke).
C) I suggest you obtain the advice of an estate planning lawyer to review the trust to make sure it is revoked according to its terms.
Are you and your husband in agreement to revoke the trust? Have you agreed how to split the assets in the trust. If so, you can transfer the assets out of the trust into either his or your name. With real estate, this has to be done by a grant deed recorded with the county recorder. This is best done by an attorney. If, say, it is a brokerage account, you and your husband simply need to sign a letter to whoever is holding the asset instructing how you want the asset split between you.
If you and your husband cannot agree on how to separate your community property, go and see a divorce lawyer before revoking the trust. Dividing up property on divorce or legal separation can be VERY complex.
BTW: Usually, when a trust is revoked the assets revoke to how they were held before they were transferred into the trust. Again this can be complex, so see a family or estate attorney.
Finally, the authority and procedure for revoking a trust should be found in the trust usually in a section titled trustees' powers during joint lives. Follow the procedure, and make sure your husband receives notice of revocation. Also, Declaration of Revocation should be recorded.
As you can see, you should consult a family or estate attorney.