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Revocable Trust

A revocable trust is a legal entity which is set up to hold the assets of an individual. The assets are placed in the trust’s name. In the event of the grantor’s death, the assets of the revocable trust are passed on to anyone who may be named the beneficiary of the trust without a probate process. Given below are a few common questions answered by the Experts on issues related to revocable trusts.

Can an individual get out of a revocable trust that they are a part of with their partner?

An individual may be able to get out of a revocable trust anytime they want to. They may however, have to involve their partner in the termination process as they would both be trustees of the trust. If there are any specific terms in the trust regarding one of the trustees’ revoking participation, the individual may have to follow those terms when they leave the trust.

Should all the assets of a revocable trust be in the name of the trust?

When personal property like furniture or jewellery is a part of a revocable trust, it may have to be listed on an inventory and attached to the trust document. However, if the property is a real estate property or a vehicle, which has a deed or title, it may be deeded over to the trust by the grantor or re-titled in the name of the trust.

Would an EIN number affect the legal status of a revocable trust?

An EIN number may not affect the legal status of a revocable trust and change it to an irrevocable trust. An EIN number is just a different identifier from an individual’s social security number for the trust.

Can an executive of a revocable trust make changes to the trust?

An executive of a revocable trust may not be able to make any changes to the trust unless there is a clause in the trust that permits them to make the changes on their own. However, if there is no such clause in the trust and the executive wants to make changes to it, they may file a petition in the court and seek permission to make the changes.

Would a revocable trust that was made in one state of the U.S. be valid in a different state?

A revocable trust may not be affected if it was made in one state and the owner of the trust moves to a different state. However, if the owner of the trust acquires new assets in the new state, they may have to make sure that these new assets are titled into the name of the trust.

What would happen to the assets of a revocable trust if one of the grantors of the trust dies?

If one of the grantor’s of a revocable trust dies, the assets of the trust may be transferred to the other owner of the trust and they may become the sole owner of the trust and its assets.

Can a revocable trust be converted to an irrevocable trust?

A revocable trust may be converted to an irrevocable trust. The grantor of the trust may do so by amending the trust agreement.

Would the process to dissolve a revocable trust be the same in North Carolina and Florida?

The process to dissolve a revocable trust may be the same in both North Carolina as well as Florida. The trust may be dissolved according to the terms given in it and the ownership of the assets in the trust may be transferred to the grantors of the trust.

There may be many aspects of a revocable trust that you may not know of. It may not always be easy and practical for you to hire an attorney just to get more information on this topic. Put your questions to an Expert instead for professional insights and information that can help you with your case.

Ask an Estate Lawyer

Thomas McJD
Thomas McJD, Attorney
Category: General
Satisfied Customers: 3170
Experience:  Wills, Trusts, Probate & other Estate Matters
19305272
Type Your Estate Law Question Here...
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