Thursday, March 10, 2011

May I Amend or Revoke My Living Trust From We The People, Fairfield?

If you are single and have a We The People Living Trust you can revoke or amend your living trust at any time during your lifetime. You may do this through We The People or an attorney, but please do not write on your trust document or alter them in any way as this may cause serious problems with the validity of your trust.

If you are married and have a We The People joint trust then you and your spouse must act together to amend the trust while you are both alive. In contrast, either spouse may revoke the trust while both spouses are alive. A revocation would simply cause the property in the trust to revert back to its original owners, that is why a married couple only requires one spouse to revoke, but two to amend. Again, you may do this through We The People or an attorney, but please do not write on your trust documents or alter them in any way as this may cause serious problems with the validity of your trust.

If you are a married couple and have a We The People joint trust, the surviving spouse's right to amend or revoke all or part of the living trust after the first spouse dies varies depending on the type of trust you have. The survivor's trust (which is automatically created after the first death in the joint A, AB and ABC trusts) is revocable and amendable by the surviving spouse. The decedent's trust (which is automatically created after the first death in the joint AB and ABC trusts, and is optional in the joint A trust) is irrevocable and cannot be altered by the surviving spouse.

The QTIP trust (which is created only in joint ABC trusts) is also irrevocable and cannot be altered by the surviving spouse.

Give Rene or Tammy Bojorquez of By The People, Fairfield, at 707-428-9871 and we can guide you through the process of over 80 legal documents.

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