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How to dissolve a trust in Florida

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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.


______________________
Grantor


______________________
Acknowledged by Trustee


Date:


STATE OF __________________.
COUNTY OF _________________.


This instrument was acknowledged before me on this __ day of ________, 20__, by Grantor, _____________, as his/her free act and deed.


___________________
Notary Public
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:


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


 


 


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:


 


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx


 


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.


________________________                                                                               
xxxxxxxxxxxxxxxxxxx                                                                                                                                                                                                                                   
Grantor


 


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: ______________________


 


Witness: _______________________________________


Witness: _______________________________________


 


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.


 


Thanks

Submitted: 3 years ago via GetFreeLegalForms.
Category: Legal
Expert:  lwpat replied 3 years ago.
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Customer: replied 3 years ago.
Yes
Expert:  lwpat replied 3 years ago.
My first question is whether it is a revocable trust or an irrevocable trust? You have it listed both ways. Next, you and your mother are the settlors if you are the ones that placed the property in the trust. Are there any other assets in the trust other than this property?
Customer: replied 3 years ago.
I apologize for the typo. It is a revocable trust and the only asset is the one property.
Expert:  lwpat replied 3 years ago.
Since it is a revocable trust and you and your mother are the settlors and you are the trustee, I have no idea why you would want to reverse everything. It really makes no difference. However, if that is what you want to do, then the quit claim deed from you as trustee of the trust to you and your mother is the way to transfer the property out of the trust. You have to have a derivation clause and address in the deed. There is no need to actually revoke the trust since there are no assets in the trust.
Customer: replied 3 years ago.
My mother and I are the "owners" and on the mortgage. We were the ones who originally quit claimed the property to the trust, but the settlor of the trust is my father and I am the trustee and sole beneficiary. I understand what you mean by it making no difference but we are modifying and refinancing our loan and we have been told by a lender representative that we may have to quit claim the property out of the trust and back to the original names to have that done.

So my main question was how to do this and if the forms I would be using were sufficient (the quit claim is the same form--(of course with the correct info and "revocable trust written") that we originally used to quit claim to the trust. As far as revoking the trust, we may just have another one made (the current one contains some things I don't agree with) so that is why I figured we could just revoke it all together and start over even if it contained no assets after the property was quit claimed out.

Either way I do understand your points you have made and it does make sense to not have to revoke it if there are no assets left in the trust.

What do you mean by derivation clause and address in the deed? Can you provide the wording and where I would place that in the quit claim sample I provided?

I have deposited the payment and as soon as have those questions answered and you get back to me I will go ahead and submit payment to you for your time and assistance.

Thanks for your prompt responses.
Expert:  lwpat replied 3 years ago.
The wording should be specific to the property so I cannot give you the wording. It should be the same as the deed to the trust and you can copy it from that deed except you would add that deed to the derivation clause. I am not sure why you want the property in a trust to start with. Usually you can simply handle it as joint tenants with the right of survivorship.
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Customer: replied 3 years ago.
I have just one more question which I beleive I already have the answer to but you never responded to it.
Here is the original question: 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?

Thanks again
Expert:  lwpat replied 3 years ago.
Since you never had any income, that is correct. You don't file a separate tax return for a revocable trust anyway.

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