Legal Question in Wills and Trusts in California
I am revoking a prior revocable living trust, and replacing it with a new revocable living trust. However, the grant deed of my home was granted and transfered to my prior revocable living trust. My question is whether I need to amend my grant deed so that it refers to my new living trust; and if so, what the procedures might be to do so.
Thank you for your anticipated help.
3 Answers from Attorneys
It is unclear why you are "revoking" your Trust. Perhaps you mean you are amending it to change it. If so, you do not have to change the grant deed as it is still owned by the "your name family trust" or whatever you called it. It is hard to say with the minimal detail you have provided. As always, it is best for you to see an attorney, perhaps the one doing the amendment or changes to your Trust.
If you amend and "restate" your trust, you don't have to change title. If you revoke your trust and execute a new one, you do need to change title. Consult your lawyer.
Ms. Cusack's solution works best--if you do an amendment that entirely replaces your old trust, which is called a restatement, you can keep the old trust name and not have to re-title all your assets with a new trust name and date.
Also, at the time the trust becomes irrevocable and the beneficiaries are entitled to notice and a copy of the trust, the trust(s) prior to the restatement don't have to be shown to them, in case you're worried about some beneficiaries seeing prior versions of the trust, so a restatement works well if this is a concern too.