Contract Law


Read This Before Revoking A Trust

Read This Before Revoking A Trust

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Read This Before Revoking A Trust
A trust can be revoked leaving a person to properly resume ownership of their assets as long as the revocation is done in a legal manner. If a person is looking to revoke a trust, they first must contact their lawyer, trustee, and all of the beneficiaries listed on the trust. 
Trusts insure that a person’s assets would be protected after they have passed. After an individual gets consent from all parties involved in the trust, they must then sign the necessary documentation which their state requires. Laws and documents pertaining to trusts vary state by state. 
Generally speaking, an individual must prove that revoking the trust is in the best interest of everyone involved.  The lawyer who helped create the trust should be able to help provide reasons on why the trust is no longer suitable for the individuals involved. Common reasons include: alimony payments or a change in income. Some states will then require an individual to immediately sign over a new trust after revoking the original one. 

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