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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Estate Law
Satisfied Customers: 112777
Experience:  Experienced in Trust and Succession Law, including Louisiana Laws
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My name: ***** *****
, I live in California. How do I

Customer Question

Customer: My name: ***** *****
JA: Thanks. Can you give me any more details about your issue?
Customer: I live in California. How do I cancel the trusts. When the trusts were created, I didn't know that when my husband died, that his trust would be irrevocable. The assets total around $4,500,000. I didn't know that I wouldn't need a trust for assets of that amount. Now I'm supposed to put 1/2 of the estate in the irrevocable trust. If I put the house in it (worth about $2 million), I can't get a line of credit or refinance it if there is an emergency such as an earthquake. That leaves the assets in the IRA's, etc. If I put those assets in the irrevocable trust, I won't be free to live on the assets. How do I cancel the trusts?
JA: OK got it. Last thing — JustAnswer charges a fee (generally around $18) to post your type of question to Estate Law Experts (you only pay if satisfied). There are a couple customers ahead of you. Are you willing to wait a bit?
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Submitted: 1 year ago.
Category: Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
Unfortunately, once a trust becomes "irrevocable" that makes it very difficult to cancel. I do not know what you mean you would not have money to live on or to make repairs or get a line of credit just because they are in a trust. The trust could indeed get a line of credit on the house and of course there is insurance for damage caused by emergencies.
In order to cancel the irrevocable trusts though, it requires a local trust attorney filing a petition to terminate the irrevocable trusts AND it requires consent of BOTH the trustee and beneficiaries AND proof that the trust is no longer able to fulfill its designated purposes.
Customer: replied 1 year ago.
I paid $18.00. Whey are they suddenly charging more to my credit card?
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
I am sorry, the experts are not employees of this site, so we have no idea what this site is doing for payments from customers. Please contact customer service for any payment issues at(###) ###-####
All you have done is made a deposit and the expert receives nothing unless you leave positive feedback. Did you have further questions about your particular situation, if so I am more than happy to answer those for you.

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