Legal Question in Wills and Trusts in California
Revoking a living trust and transferring property back out of it.
I am getting divorced , and buying my wife out of our house. I wish to revoke our living trust , get the house out of it and back in my name only, or somehow get her whole portion of the trust removed and, revise the rest to suit my new situation. It will probably have to be renamed, but I'm not sure about that.. How do I go about the revoking or changing of it in this divorce.
2 Answers from Attorneys
Re: Revoking a living trust and transferring property back out of it.
you should consult the attorney representing you in the divorce to make sure that the final judgment, the marital settlement agreement and any orders by the family law court achieve the results you are seeking. you will then need to consult a qualified estate planning attorney to put in place a new estate plan based on your goals and objectives.
Re: Revoking a living trust and transferring property back out of it.
Your best bet is to create a new trust. Revising it may still leave additional complications. For example, the Durable Power of Healthcare and Advanced Healthcare Directive will also need to be changed/rewritten.
If you would like, please contact me at my office to begin gathering the preliminary information to make you a new trust. The consultation call is free. 626-578-0708, extension 4.
Please also feel free to take a look around our firm's site to learn a little more about trusts and their benefits at www.No-Probate.com.
Scott Linden