Restate living trust?

[irvineboy]

What is the name of your state? CA

Original living trust was written when boyfriend was trustor. Girlfriend was executor of trust. Properties were deeded under boyfriend and upon his death, properties goes to their children as beneficiaries. Now they are married. If there is no interest to have the now wife own his properties upon his death, and basically want to keep the rules as is, can they save money and just restate the existing trust? Is there a benefit to rewrite the living trust to a joint trust and re-deed the properties as community property with rights to survivorship (this will cost more as its basically writing a new trust)?

Or is there a cheaper way to just add an amendment and restate the existing trust in its entirety to add tax provisions for spouse (keep everything the same but just make it husband and wife instead)? Properties and assets will still go to beneficiaries upon husband's death and wife makes all the decisions.

 

[Just Blue]

What is the name of your state? CA

Original living trust was written when boyfriend was trustor. Girlfriend was executor of trust. Properties were deeded under boyfriend and upon his death, properties goes to their children as beneficiaries. Now they are married. If there is no interest to have the now wife own his properties upon his death, and basically want to keep the rules as is, can they save money and just restate the existing trust? Is there a benefit to rewrite the living trust to a joint trust and re-deed the properties as community property with rights to survivorship (this will cost more as its basically writing a new trust)?

Or is there a cheaper way to just add an amendment and restate the existing trust in its entirety to add tax provisions for spouse (keep everything the same but just make it husband and wife instead)? Properties and assets will still go to beneficiaries upon husband's death and wife makes all the decisions.

They should seek the advice of a local Estate Attorney.

 

[irvineboy]

Getting conflicting messages and that is why the post.

 

[adjusterjack]

Getting conflicting messages

How so?

Have you just been talking to some attorneys on the phone or have the two of you sat down with an attorney and paid him for his advice.

Whatever attorney wrote the trust for you in the first place should be the one from whom you seek advice now.

As for the cost, it's like that oil filter commercial, you pay $ now or somebody loses big $$$$$ later.

Pay me Now or Pay me Later; Pay Me you will! - YouTube

 

[Zigner]

I'm not sure why things need to even be changed. The person is the person, married or not. Yes, talk to an experienced trust attorney...

 

[zddoodah]

Original living trust was written when boyfriend was trustor.

He's the only trustor? Who's the trustee? Who is/are the beneficiary(ies)? Is it a revocable trust?

Properties were deeded under boyfriend

Huh?

If there is no interest to have the now wife own his properties upon his death, and basically want to keep the rules as is, can they save money and just restate the existing trust?

Again, huh?

How many properties are we talking about? In whose name does title to these properties presently stand? Did the man own the properties before the marriage? When did the marriage occur? Have community property funds been used to pay mortgages on the properties? Who has no interest in having the properties go to the wife? What "rules" are you referring to? Save money on what? Restate the trust to say what?

Is there a benefit to rewrite the living trust to a joint trust and re-deed the properties as community property with rights to survivorship (this will cost more as its basically writing a new trust)?

I have no idea what "re-deed the properties as community property" might mean, but no one on the internet will be able to speak intelligently about what will or won't benefit these two people.

These folks (are you one of them) should consult with a local attorney who handles trust matters (which is not necessarily an "estate attorney").