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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 22691
Experience:  14 yrs estate law, real estate. Wills/Trusts/Probate
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I have created two previous revocable living trusts in 2000

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I have created two previous revocable living trusts in 2000 and 2006. I now want to revoke the previous 2006 living trust.This will be my last living trust I make. I have read that its best to create a new living trust since it will be the 3rd? I have never amended any of the previous trust so I was thinking of just amending the 2006 living trust. Is that possible? or should I just create a completely new one and indicate that it supercedes the previous two living trusts?
Submitted: 10 months ago.
Category: Estate Law
Expert:  Barrister replied 10 months ago.
Hello and welcome! My name is XXXXX XXXXX I will try my level best to help with your situation or get you to someone who can.
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If the 2006 trust replaced the 2000 trust, then the 2000 trust should have been formally revoked and terminated. This is done by sending written notice to the trustee of the trust that it is being revoked. The trustee then has the duty to transfer any assets in the trust back to the grantor.
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So if you are going to change the 2006 trust, but the changes aren't huge, it would be best to just draft a formal Amendment to the trust and physically attach it to the 2006 trust. An amendment is easy to complete and it just has to be signed by the grantor and personally delivered to the trustee. Although it is not mandatory, I always suggest that the amendments be notarized to ensure that they would be much harder to challenge later.
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When you get done, you should only have the 2006 trust and one amendment in existence. The 2000 trust should be killed by revoking it.
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Thanks
Barrister
Customer: replied 10 months ago.


At this point, I am unsure if the 2000 trust was formally revoked..so to make sure..should I include that the amendment takes into account that the 2000 trust was revoked?


 


I am going to be changing the Trustee, beneficiary and the health care directive. based on these changes should I amend or create a new one?


 


Thanks.

Expert:  Barrister replied 10 months ago.
should I include that the amendment takes into account that the 2000 trust was revoked?
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I wouldn't clutter the 2006 up with more language. I would just deliver formal written notice, notarized to whoever the trustee is of the 2000 trust that it is revoked.
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I am going to be changing the Trustee, beneficiary and the health care directive. based on these changes should I amend or create a new one?

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With that many changes, I would probably just go ahead and create a new one by copying the 2006 one over and just changing the dates and other information you want to change and then formally revoking the 2006 one in writing and directing the trustee to transfer all the assets in the 2006 trust into the 2013 trust.
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Thanks
Barrister
Customer: replied 10 months ago.


Ok. thanks. XXXXX know that the deed of trust was changed each time the trust was re made. Do I need to transfer the property to the new trust eventhough it has the same name. I was the named trustee for the 2006 trust.??


 


Also, do I need to register it with registrars office? I think the 2000 trust was registered.

Expert:  Barrister replied 10 months ago.
Do I need to transfer the property to the new trust eventhough it has the same name. I was the named trustee for the 2006 trust.??
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Technically you really shouldn't be keeping the same name for each new trust. So if you have a 2000 trust named "The XYZ Revocable Living Trust, Dated 2000", then the next one should at least be called"The XYZ Revocable Living Trust, Dated 2006".
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This is because each new trust is an entirely new legal entity and shouldn't be confused with the one that was created prior.
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So assuming the new trust has a new amended name, you should formally transfer the property again.
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Also, do I need to register it with registrars office? I think the 2000 trust was registered.

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No, no registration is necessary unless the trust is a 501C charitable trust. Then it has to be registered with the state Attorney General.
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Thanks
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 22691
Experience: 14 yrs estate law, real estate. Wills/Trusts/Probate
Barrister and 6 other Estate Law Specialists are ready to help you
Customer: replied 10 months ago.


Do I need to create an EIN number for this living trust? I do not think one has ever been created.

Expert:  Barrister replied 10 months ago.
No, a revocable living trust doesn't need an EIN, it just reports any income under the grantor's SSN as normal income at the grantor's income tax rate.
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Thanks
Barrister
Customer: replied 10 months ago.


OH. if it was irrevocable then it would need one? I thought a family member of mine who has a irrevocable family trust..had to create an EIN

Expert:  Barrister replied 10 months ago.
if it was irrevocable then it would need one? I
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Correct, an irrevocable trust is a completely separate entity from the grantor and grantor retains no legal rights to any asset in the trust. So it has to have its own EIN for reporting income and paying income taxes.
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Thanks
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 22691
Experience: 14 yrs estate law, real estate. Wills/Trusts/Probate
Barrister and 6 other Estate Law Specialists are ready to help you
Customer: replied 10 months ago.


Final follow up. I was filling out the EIN form with the IRS and it ask for the responsible party in regards XXXXX XXXXX irrevocable trust that was created. It says that the grantor would have to fill this section out (in other words the person granting away the property) is that correct? I thought it would be the new trustee??

Expert:  Barrister replied 10 months ago.
Yes, it is typically the grantor of the trust that fills out the application for the EIN. The trustee is just an agent for the trust and just manages it for the benefit of the beneficiaries. It is up to the grantor to make sure it is set up correctly.
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.
Thanks
Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 22691
Experience: 14 yrs estate law, real estate. Wills/Trusts/Probate
Barrister and 6 other Estate Law Specialists are ready to help you

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