revocable living trust

[bruce101]

What is the name of your state? Colorado
Would it be legal and binding If I were to send a notorized letter to the trustee's of my revocable living trust (of which I am one) revoking it while stating that all assets so titled are now the property of my spouse's revocable living trust ?

Thanks for your response

bruce101

 

[colourfastt]

What is the name of your state? Colorado
Would it be legal and binding If I were to send a notorized letter to the trustee's of my revocable living trust (of which I am one) revoking it while stating that all assets so titled are now the property of my spouse's revocable living trust ?

Thanks for your response

bruce101

Was the appointment of the trustee recorded with the clerk of court?

 

[bruce101]

Thanks for your response. The answer is no--but what is the relavance? The trust is signed, witnessed and notorized and amending or revocing needs nothing more than my signature---the question is can I legallly pass the titled assests by declaration while doing so?

 

[tranquility]

Interesting question. I'd say no. You would be changing the ownership of the assets without proper proceedure. You could revoke the trust and the assets would devolve to the original owners as though he trust had never existed. *Then* you could place the assets in the wife's trust. Although I'm not positive this is true through case law, I can imagine how I could game the system if it weren't. My experience in such matters tells me that if you can easily game the system from doing it a certain way, that ain't the way it's done.

 

[Dandy Don]

If you do not already have a trust attorney I suggest you get one to review the changes you have made to see if they are legal and appropriate. Since it is YOUR trust, you can make whatever revisions you deem necessary and then send the retyped revised trust to the trustee.

 

[bruce101]

Thanks for your responses--As indicated in the original post--I have a living trust and have all I need to amend, restate or revoke the trust--the attorney who originated the trust years ago has moved on--I thought someone might be aware if it were possible to revoke the trust and convey the assets to my wife's trust simultaneously vs having to retitle the assets. In summary, would institutions (bank, brokerage, insurance co e.g.) accept that document to transfer the assets? If you definitivly know, I would like to hear from you as speculation is speculation. Thanks

 

[lwpat]

speculation is speculation

And free advice is worth exactly what you have paid for it.

 

[tranquility]

Why revoke the trust? If you have the power to gift assets from the current trust, gift the assets to the other trust and file appropriate gift tax returns. (Make sure you are not making a fradulent transfer as well.) No one can give you anything but speculation unless they have all the facts of the trust(s), the assets and your goals. Then, they would need to spend time researching case law on the specific issues.

 

[seniorjudge]

Q: I thought someone might be aware if it were possible to revoke the trust and convey the assets to my wife's trust simultaneously vs having to retitle the assets.

A: No; the assets must be retitled.