Though it doesn’t happen very often, there may come a time when you might want to revoke your living trust. Revoking a living trust is relatively straightforward, though it does require you to perform some specific steps. You should always speak to an experienced and qualified estate planning attorney before you decide to revoke, but after that, if you decide that revoking your trust is appropriate, you can then take the steps your lawyer outlines for you. Here is an overview of the process.
Revocable Trusts
It’s important to understand that you can only revoke a revocable trust. If you created an irrevocable trust, revocation isn’t really an option. A revocable trust is easy to revoke, while an irrevocable trust can’t be changed after you create it, except under very limited circumstances. If you want to change an irrevocable trust you need to speak to an experienced and qualified estate planning attorney about the possibility of decanting or other options to revoke and/or amend the trust.
Property Transfer
Most people use revocable living trusts to act as a sort of holding company. These trusts own all of your property but allow you to manage that property on your own. To revoke the trust you will have to transfer all of the property back into your name. Personal property is easy to transfer, while titled property may require additional steps.
Documentation
In California, you don’t have to register your living trust or its revocation with any state court or government agency. You will, however, probably have to create a trust revocation documents that is duly signed and notarized.
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