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Estate Planning

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oldrbtwiser

Guest
What is the name of your state? california

I noticed my couple's revocable living trust refers to "trust 1 and trust 2" when speaking about when one trustee dies. It also states that the first trust becomes "irrevocable" when one trustee dies. Is this language used in all revocable living trusts, and why is it done that way?
 


ALawyer

Senior Member
Ask the lawyer who drew it for you, but usually, once the trust maker dies you do not want others to be able to change it. For example, if in a second marriage a Husband and Wife do a trust leaving evreything to the other for the survivor's life and then equally to the children of each of them, you would not want the survivor to cut out YOUR kids to benefit only her kids.
 
O

oldrbtwiser

Guest
Makes perfect sense. Thank you for your reply and explanation. It does seem to me that the "revocable" living trust, upon the death of one trustee, becomes "irrevocable" in much the same way as an AB Trust. The term "Trust 1 and Trust 2" since trust 1 is "swept" over into "trust 2" seems to imply that ALL assets in the trust are then under the control of the surviving trustee.

Can you tell me about the "paperwork" the surviving trustee is responsible for after the death of one trustee?
 

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