Legal Question in Wills and Trusts in California
Revokable Living Trust AB change
As a married couple/no children we have a revokable AB living trust.
How can we change it to a ''basic living trust'' so surviving spouse can use all assets without limitations? (Prefer to keep original trust name, so assets don't have to be moved around.)
5 Answers from Attorneys
Re: Revokable Living Trust AB change
An addendum should work for you. You just specifically cite the sections that you want removed, then write what you want in place of the removed part. Have it signed and witnessed (required here in CA) and keep it witht the original trust.
Alternatively, you could just rewrite the trust as a complete rewrite. The name can remain the same so you don't have to worry about assets. At most, it may change the title to (IE) "James' Family Trust u/d/t dated Jan 1987 as modified April 21, 2008".
Our firm specializes in wills, trusts snd estates, I am certain we can assist you with your situation.
Please feel free to contact me at the information provided by LawGuru as well as through our firm's informative site No-Probate.com.
-Scott
Re: Revokable Living Trust AB change
You can either amend the living trust or amend and restate, which means you draft a new living trust, but keep the same name. Usually, it is better to do the latter, start a living trus from scratch, especially if you hire an attorney, since it often takes longer to read the trust, find out which clauses to remove, and add new ones, while making sure the whole document is consistent. So, just do an amendment and restatement.
Re: Revokable Living Trust AB change
You can keep name and amend.
A change may not be necessary as most trusts allow enough discretion of the surviving spouse to do anyting with the assets. If you assets are beyong hte amount that are subject to tax, you may want to consider this carefully.
Re: Revokable Living Trust AB change
You must follow the terms of the trust. Usually that means you must modify the trust by a signed written instrument delivered to the trustee. You may want to seek help from the drafting attorney. If he or she's not available then any estate planning attorney should be able to assist you.
Re: Revokable Living Trust AB change
A living trust can be changed by amending the trust. An amendment will have to be prepared expressing the change desired.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
