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Roger, Attorney
Category: Estate Law
Satisfied Customers: 31562
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I live in Georgia and set up an irrevocable living trust 20

Customer Question

I live in Georgia and set up an irrevocable living trust 20 years ago. I never updated or sent out crummy letters but did have insurance policies as part of this trust. My question is this. We no longer want the trust and will bypass it when one of us dies (my husband and I) but would like to cancel the half million insurance policy as the premiums are going up so high and we will no longer pay the premiums. Age caught up to us and we no longer need this policy anyway. How can we get the policy cancelled while we still have cash value coming to us.
JA: What documents or supporting evidence do you have?
Customer: We have only the binder with all the info but not the policy itself.
JA: Anything else you want the lawyer to know before I connect you?
Customer: It is my understanding that our other assets that we acquired after the trust and in fact all our assets (since most are titled jointly) will not have to go through the trust or the lawyer who drew it up. Is this correct?
Submitted: 5 months ago.
Category: Estate Law
Expert:  Roger replied 5 months ago.
Hi - my name is ***** ***** I'll be glad to asssit.If the trustee, the trustor/s and beneficiaries ALL agree to dissolve the trust, then it can be would need a resolution signed off by all parties agreeing to do this, and you can then transfer, cash out, etc. all property in the trust as the parties agree.
Expert:  Roger replied 5 months ago.

In regard to passing property through the trust, if it is dissolved, no property or assets would go through it.

Expert:  Roger replied 5 months ago.

If you need anything further, please let me know. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!

Customer: replied 5 months ago.
Who would be the trustee, trustor/s beneficiaries? Is the lawyer the trustee and if so, do I need his agreement to dissolve the trust and can the insurance in the trust be cancelled without dissolving the trust?
Expert:  Roger replied 5 months ago.

The trust should tell you all of those things.....usually, the trustors are the people that create the trust, the trustee is a lawyer or some other third party and the beneficiaries are the people who benefit from the trust.

But yes, since this is an IRREVOCABLE trust, all parties involved must agree to dissolve it in order to do so.