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Revocable Trust Questions

Revocable trusts are trust that can be modified at any point throughout the life of the trust. The revocable trust also allows a person to distribute to beneficiaries while living. By selecting a revocable trust, probate can be avoided. Many people select this type of trust due to the ability to modify to suit the needs of the grantor and beneficiaries. To learn more about revocable trusts, take a look at the questions below that have been answered by experts.

I've lost my revocable trust and want to sell my home, what can I do? I am the trustee of the trust.

As long as the home has been placed into the revocable trust, you can verify this with the property deed. If you don't have the deed, you can look through your tax bills. You will be listed as trustee of the trust. Your realtor will be able to further explain what you will need to do.

If you find that the home isn't listed in the trust, you will need to hire an attorney to prepare an affidavit of lost trust. You will have to state that your husband and you had established a revocable trust and you both wanted the home as part of the trust. As for selling the home, once it sells, the money made from the sale will be deposited into an account under the trust.

How do I feed a revocable trust?

If you are the grantor of the revocable trust, you can amend the trust or even revoke it. You can fund the trust by releasing assets to the trustee to be put into the trust. Once assets are transferred to the trust, the trust will be valid. The grantor releases assets to the trustee such as deeds to homes, car titles or cash transfers. This is called "funding" the trust.

Is a revocable trust a good idea in a reverse mortgage?

The revocable trust wouldn't allow for any benefits because the revocable trust can be revoked and the assets could be reached. An irrevocable trust would offer more benefits as far as using money for living costs and protection from creditors. When using the irrevocable trusts, it is always a good plan to use an experienced estate planning attorney to assist you.

My home is in a revocable trust. My wife and I are now divorced and the divorce decree gives me the home. I have to refinance and she has to quit claim off the property allowing me to refinance solely to myself. How do I go about doing this?

There are a couple of things that can be done. The first thing that should be done is having your ex-wife quit claim her interest to you and sign the deed. Once this has been completed, you can draw up an amendment to the trust and have her sign as a trustee. The amendment should include any changes that would fit the situation due to the divorce. To avoid any potential mistakes, you can arrange for an attorney to manage these documents.

How do I revoke or dissolve a revocable trust due to the value grew small over the years and it the fees are quite expensive?

To dissolve or revoke the revocable trust, it will require that all parties involved with the trust to sign a document agreeing to dissolve the trust. The trust will determine where the remaining assets go. You will have to file the dissolution with the county recorder if the trust was filed. If the trust was filed with the state, the dissolution will also have to be filed with the state.

There isn't a form for the dissolution. This is a document that will be prepared by an attorney in the attempt to dissolve the trust and finalize the distribution.

A revocable trust is a type of trust that is more manageable and can be modified throughout its use. Many people have trouble deciding on which trust will work for their specific needs. If you need assistance with choosing an appropriate trust for your needs, you should ask an Expert for knowledgeable solutions for your unique situation.
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