A revocable living trust is an important piece of many a North Carolinian’s estate plan. However, there may come a time when you might want to revoke your trust. While there are many reasons why you might want to do this, the procedure involved is relatively simple. Here’s what you need to know about revoking a living trust in North Carolina.
Is it revocable?
Most people who create a living trust create what is known as a revocable living trust. A revocable living trust is one that you can change whenever you like. The ability to change the terms of a living trust are always something that you retain as long as the trust creation document sets that out in writing.
If you created an irrevocable living trust, you won’t be able to change its terms or revoke it. In such a situation, you’ll need to speak to an estate planning attorney to discuss what options you have.
How do you revoke it?
Whenever you create a revocable living trust you write down the trust terms in the document, usually one your lawyer creates for you. Those terms typically include rules for what you have to do to revoke the trust. Though individual terms differ, revoking the trust typically requires you to create a new document, known as a revocation of trust, which you’ll often have to have signed and notarized. You also have to then transfer all of the trust property back into your name. Because you typically serve as your own trustee in a revocable living trust, this can mean you will effectively transfer title of property from your name, as trustee, into your name, as owner.
You can learn a lot more about living trusts by attending one of our next free living trust seminars. Our next seminars will be on July 16 and 18 in Greensboro, North Carolina at the O. Henry Hotel. The seminars are free but space is limited, so contact our office for more details.