Pocono Summit, PA asked in Estate Planning for Pennsylvania

Q: How do I revoke my revocable PA trust, which contains bank accounts and properties in PA and CA? I am the only settlor

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1 Lawyer Answer

Mark Scoblionko

Answered
  • Allentown, PA
  • Licensed in Pennsylvania

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.

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