I currently have a revocable trust. Here are the details:
It is a revocable living trust. My father is the settlor and I am the trustee and beneficiary.
We initailly set the trust up to put a property in it which is still mortgaged. My mother is the owner along with myself as the second owner as stated in the original deed before we made the trust.
We created a revocable truat and quit claimed the property to the trust about two years ago and now we want to reverse everything.
It is my understanding that I, the trustee will have to quit claim the property back to its original "owners" which was myself and my mother. We would have to get that document notorized and recorded at the county.
Then my father, the settlor of the trust, will create a revocation of trust form such as this which we will record at the county too:
Revocation of Revocable Living Trust
I, _____________ (“Grantor”), do hereby revoke the ______________(“A Revocable Living Trust”).
All assets remaining in the Trust shall be re-transferred to the Grantor.
Acknowledged by Trustee
STATE OF __________________.
COUNTY OF _________________.
This instrument was acknowledged before me on this __ day of ________, 20__, by Grantor, _____________, as his/her free act and deed.
My commission expires on:
Revocation of a Trust
Once that is done I assume everything is reversed. I would like to know if these are the proper steps, and if not, what would we have to do? Also, is that revocation of trust form sufficient? We will be recording that form at the county as well being that we actually recorded the trust as well so we would like everything to be recorded.
We are in florida and would like to know if we are on the right track here and also if we will be subject to any tax for quit claiming the property back. Here is the copy of the quit claim we will use:
When Recorded Return to:
Quit Claim Deed
This indenture made this day of xxxxxxxxxx 00, 2009 between John Doe Trustee of XXX lrevocable trust as GRANTOR, and john doe as GRANTEE.
WITNESSETH: That the Grantor, on behalf of himself, his heirs, executors, administrators, successors, representatives and assigns, for valuable consideration, does grant, remise, release and forever conveys and quit claims to Grantee, on behalf of himself, his heirs, executors, administrators, successors, representatives and assigns, all the right, title, interest, claim or demand which the Grantor may have had in and to the following real estate:
The real property in the City of XXXXXXX, County of XXXXXX, State of XXXXXX described as:
Commonly described as: 123 w 21 st; city, st 12345
Situated in xxxxxx County of the state of xxxxxxxx
TO HAVE AND TO HOLD said real estate, with all singular the rights, members and appurtenances thereof, so that neither Grantor nor any other person claiming under him shall at any time claim or demand any right, title or interest to the said real estate or its appurtenances.
IN WITNESS THEREOF, the said Grantor has herewith set his hand and seal, the day and year first above written.
STATE OF: xxxxxxxx
COUTNY OF: xxxxxxxx
On this 1st day of December, 2009, xxxxxxxxx GRANTOR, personally appeared before me and acknowledged the execution of the foregoing instrument for the purpose therein set forth.
Signed, Sealed, Sworn to and delivered in the presence of: ______________________
Notary Public in and for the state of: ______________________
County of: ___________________
My appointment expires: ______________________
The other question is that we never rented or "made" any money off the property so were we ever required to file a 1041 for taxes with the irs?
I appologize for the length but I wanted to provide as much information as possible.
Your help will be greatly appreciated in this matter.