A living trust can only be dissolved by the person who created it.
A living trust is a document that hands over control of your assets and estate to another person. It can be used to dictate how your assets should be handled after your death, but is also used to designate a financial representative if you cannot manage your own affairs while still alive. There are two types of living trusts, revocable and irrevocable. Only a revocable living trust can be closed if you change your mind. Closing a living trust is called revoking it.
Instructions
1. Read the living trust document and make a list of all property and assets that you owned alone prior to establishing the trust. If you are the only trustee (administrator of the trust) this should be easy. If there are other trustees, they will have to make a list of the property and assets that they owned prior to the trust.
2. Transfer each asset and property that you own back into your name. To do this, contact each banking institution and mortgage company and request a name change. If you own property outright, change the name on the deed at your local county office. Each company has a different procedure for name changes so contact each one individually.
3. Type up a document called a Revocation of Living Trust, a sample of which can be found at estateplanningattys.com/revlivingwill.html. You will need to type your name and the effective date that you are revoking the trust.
4. Take the document to a notary and sign it in front of her. Have the notary place her seal on it and sign her name as well.
5. Make multiple copies of the notarized document and send a copy to each financial institution that you previously contacted. This is for their files only since you have already transferred the property into your name.
Tips Warnings
When the trust with multiple trustees is revoked, all properly and assets revert back to the person who owned it prior to establishing the trust.
Related Posts:
Take A Name Off Of A Mortgage
Financing a home with someone else allows you to afford a larger mortgage because your lender takes both incomes into consideration when issuing the loan. However, if either of you wants out of th...
Do A Short Sale In Florida
Short sales can occur when a property is in danger of foreclosure.Short sales are a way for a homeowner who is in a mortgage that they can no longer afford to potentially stave off foreclosure. Th...
Qualify For A Sps Loan Modification
Qualify for a SPS Loan ModificationIf you are struggling to make your mortgage loan payments with Salt Lake City-based Select Portfolio Servicing (SPS), it might be time to call the company to ask...
