Q: How do I revoke my revocable PA trust, which contains bank accounts and properties in PA and CA? I am the only settlor
A: If the trust is revocable, you can do a letter to the trustee revoking the trust. If you are the trustee, it would be a letter to yourself, as trustee. The fact that you were the settlor is irrelevant.
You would then change the bank accounts and have to have deeds prepared for the properties and recorded. There may be transfer taxes on the real estate conveyances.
A lawyer would have to review the trust instrument to determine what happens to all the assets if the trust is revoked. Usually, the trust provides that the assets go back to the settlor, but the trust must be examined. The bank accounts and properties would be conveyed in accordance with the provisions of the trust instrument.
You would be best advised to engage a lawyer to do all this.
1 user found this answer helpful
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.