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  1. #1
    Jimmygee is offline Junior Member
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    Jul 2006
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    How to dissolve a trust?

    What is the name of your state? OHIO
    I did some labor for a lawyer friend about 6 years ago, so in exchange she made me a Trust. Now that I have read this trust a little better I don't like it it makes things too hard to change. So I would like to get rid of this trust. Dissolve it!. I don't have the foggiest idea where to start. I don't want to see another lawyer as the last one lost her license. Is there a simple form that I can take to probate court and drop off? It's a revokeable trust so I guess that means I can get rid of it. I just wa nt it gone the easy way! I was told to sell everything and buy it back or sell it all to my self that would get rid of it. Kinda dumb sounding huh!
    Toledo area, I just have my home and some of my collectables in it. Most everything else I already sold to my son. Alhtough still in my posession. My first letter to your site I apologise if to long or confusing. I also am not a letter professional as you can tell.
  2. #2
    seniorjudge is offline Senior Member
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    Quote Originally Posted by Jimmygee
    What is the name of your state? OHIO
    I did some labor for a lawyer friend about 6 years ago, so in exchange she made me a Trust. Now that I have read this trust a little better I don't like it it makes things too hard to change. So I would like to get rid of this trust. Dissolve it!. I don't have the foggiest idea where to start. I don't want to see another lawyer as the last one lost her license. Is there a simple form that I can take to probate court and drop off? It's a revokeable trust so I guess that means I can get rid of it. I just wa nt it gone the easy way! I was told to sell everything and buy it back or sell it all to my self that would get rid of it. Kinda dumb sounding huh!
    Toledo area, I just have my home and some of my collectables in it. Most everything else I already sold to my son. Alhtough still in my posession. My first letter to your site I apologise if to long or confusing. I also am not a letter professional as you can tell.
    What does probate have to do with a trust?

    In any event, if you convey all property (real, personal, mixed) out of the trust, it will not be funded which means it is of no value.

    You can also draw up a document revoking the trust, signing it in the same way that you signed the creation of the trust.

    But, as I said, if there is nothing left in the trust, then don't worry about it.
    There are two rules for success:

    (1) Never tell everything you know.
  3. #3
    Dandy Don is offline Senior Member
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    Please consult a local trust attorney to make sure your actions are legally correct. He may be able to advise you on what changes in the terminology or language to make to make it less confusing and more able to achieve whatever it is you want to achieve. And you can also discuss whether it would be smarter for you to have a will to be probated rather than a trust.

    DANDY DON IN OKLAHOMA (tiekh@yahoo.com)
  4. #4
    Jimmygee is offline Junior Member
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    How to dissolve my Trust!

    Quote Originally Posted by seniorjudge
    What does probate have to do with a trust?

    In any event, if you convey all property (real, personal, mixed) out of the trust, it will not be funded which means it is of no value.

    You can also draw up a document revoking the trust, signing it in the same way that you signed the creation of the trust.

    But, as I said, if there is nothing left in the trust, then don't worry about it.
    _________________________________________________________________________
    The house is titled as a trust, to get any loans on the house or apply for anything concerning the home you have to involve the trust.(Thats a pain) .I want to get the house out of the trust for starters. One person told me to go to Probate court to acomplish this. I'm a railroader I don't have the foggiest. Who would I see, what form would I fill out to get this house out of the Trust?
  5. #5
    Dandy Don is offline Senior Member
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    This is not a do-it-yourself project where you can simply fill out a form. You need a real estate attorney or trust attorney to go through the process of legally taking the name of the trust off of the property and putting it back into your name.

    DANDY DON IN OKLAHOMA (tiekh@yahoo.com)
  6. #6
    Ash
    Ash is offline Junior Member
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    dissolve trust

    First you need to look at who the trustee is. If you are the trustee then no problem. You assign or "sell" everything over to yourself. If you are not the trustee, you need to find out who is.
    Second, usually a "revocable" trust is only revocable by the creator, in this case your former boss. If she is still alive, no problem. Just ask her to change the trust so you get everything outright.

    Some unasked for advice. DO NOT SELL YOUR HOUSE TO YOUR SON!!!!

    the most important reason is that if he goes into debt, gets sued, etc, they can take the house. If you want to put the house in his name, you need to give/sell it to him, but reserve a "life-estate" for yourself. This is easy to do. A life estate gives him the remainder of the property once you die, but so long as you are alive you "own" the house with the exceptions of not being allowed to sell or mortgage it. This will prevent estate taxes upon your death, and guarentee that he will get it free and clear.
  7. #7
    BlondiePB is offline Senior Member
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    Quote Originally Posted by Ash View Post
    First you need to look at who the trustee is. If you are the trustee then no problem. You assign or "sell" everything over to yourself. If you are not the trustee, you need to find out who is.
    Second, usually a "revocable" trust is only revocable by the creator, in this case your former boss. If she is still alive, no problem. Just ask her to change the trust so you get everything outright.

    Some unasked for advice. DO NOT SELL YOUR HOUSE TO YOUR SON!!!!

    the most important reason is that if he goes into debt, gets sued, etc, they can take the house. If you want to put the house in his name, you need to give/sell it to him, but reserve a "life-estate" for yourself. This is easy to do. A life estate gives him the remainder of the property once you die, but so long as you are alive you "own" the house with the exceptions of not being allowed to sell or mortgage it. This will prevent estate taxes upon your death, and guarentee that he will get it free and clear.
    Why the heck are you resurrecting a thread so old?

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