Revoking a revocable Trust and taking the assets out of the Trust

[mikectm20]

California. Creators of a Revocable Living Trust have decided to revoke this trust. The only asset is a single family home. Does this asset need to be taken out of the trust before the trust is Revoked ? Does this asset need to be taken out of the trust before the trust is revoked with a signed and dated and notorized document ..which states creators revoke this trust ?

The home is taken out of the trust by transferring title on the home. This is done by recording a new deed with the County Recorder where the trust creators are the grantors on the deed ..and they deed the home back to themselves as joint tenants

We spoke with someone at our County's recorders Office over the phone yesterday. They said to also submit, to be recorded, the document that creatros signed revoking their Trust. I am clear on that. Doesn't that seem to suggest ? I realize employees at the Recorder's Office can not give legal advice

 

[zddoodah]

California. Creators of a Revocable Living Trust have decided to revoke this trust. The only asset is a single family home. Does this asset need to be taken out of the trust before the trust is Revoked ?

Prior to revocation of the trust, the trustee(s) should deed the property back to the trustor(s).

Does this asset need to be taken out of the trust before the trust is revoked with a signed and dated and notorized document ..which states creators revoke this trust ?

The deed would not typically say anything about the intent to revoke the trust.

We spoke with someone at our County's recorders Office over the phone yesterday.

Who are "we"? The first two paragraphs of your post were written in the third person, but now you've shifted to first person. Are you one of the trustors/trustees? If so, why not say so. Playing hide-the-ball is almost always counter-productive.

They said to also submit, to be recorded, the document that creatros signed revoking their Trust. I am clear on that. Doesn't that seem to suggest ? I realize employees at the Recorder's Office can not give legal advice

Clearly, they can do that because, according to you, someone did exactly that.

You (or whoever the trustor/trustee is) should consult with a local attorney to make sure you do this right. You can spend a few hundred dollars now or tens of thousands of dollars later when you find out you got something wrong and have to fix it.

 

[adjusterjack]

You asked this question on another site. But the way you wrote the question implied that the trust was revoked before the home was removed.

You were advised to consult an attorney.

Now I look back at the thread and find that:

The paper that states Trustees revoke their revocable living trust and is signed by the Trustees/ Creators
just sits in a drawer in the house. It has not been filed or recorded anywhere or exercised or even viewed by anyone in any way.

You need to tell those people to get a lawyer before they really screw things up.

 

[mikectm20]

Is this Website a sister site to the other one ? the same 2 posters have replied. which is fine. The post here was today and the other post on the other site was done yesterday. This post is not just a duplicate of the other post. This post was written with new information obtained over the course of one day.

My appoligizies if that was implied. I realized immediately that clarity/more information was needed on that.

Understood. thank you



Zddoodahz answers are Great. Especially the first 2 replies.

Zddoodah In California there is a document called the Preliminary Change of Ownership Report that must be recorded at the same time when

recording a Deed with the Recorder's Office. On the Page 1 of the PCOR Under Part 1 ..there's items A through Q. item L ..is the one

selected YES ..and others selected NO ..when transferring property to or from a Trust.

In california it's not as simple as just recording a new deed to transfer property out of a trust. The deed MUST be accompied with a PCOR.


Anyone else ?

 

[zddoodah]

Is this Website a sister site to the other one ? the same 2 posters have replied.

No. I've been posting on legal message boards since right around the turn of the century. Many sites that host message boards have come and gone (prairielaw.com, lawyers.com, findlaw.com, etc.). I can't remember all of them. "adjusterjack" has been around as long as I can remember, as have a few others. Most of us end up on the same sites eventually and contribute. This is the newest site for me, but it's been around MUCH longer than I've been posting here.

Zddoodah In California there is a document called the Preliminary Change of Ownership Report that must be recorded at the same time when

recording a Deed with the Recorder's Office. On the Page 1 of the PCOR Under Part 1 ..there's items A through Q. item L ..is the one

selected YES ..and others selected NO ..when transferring property to or from a Trust.

In california it's not as simple as just recording a new deed to transfer property out of a trust. The deed MUST be accompied with a PCOR.

I'm not sure why you're directing this to me. I'm aware of all of this, but none of it relates to anything I wrote in my prior response or answers the questions I asked.

 

[quincy]

Is this Website a sister site to the other one ? the same 2 posters have replied. which is fine. The post here was today and the other post on the other site was done yesterday. This post is not just a duplicate of the other post. This post was written with new information obtained over the course of one day.

My appoligizies if that was implied. I realized immediately that clarity/more information was needed on that.

Understood. thank you



Zddoodahz answers are Great. Especially the first 2 replies.

Zddoodah In California there is a document called the Preliminary Change of Ownership Report that must be recorded at the same time when

recording a Deed with the Recorder's Office. On the Page 1 of the PCOR Under Part 1 ..there's items A through Q. item L ..is the one

selected YES ..and others selected NO ..when transferring property to or from a Trust.

In california it's not as simple as just recording a new deed to transfer property out of a trust. The deed MUST be accompied with a PCOR.


Anyone else ?

First, FreeAdvice is a separate site and a separate business entity. The only relationship FreeAdvice has to other similar sites is that some FreeAdvice members also like to post to numerous other sites on the internet. Advertising those other sites on FreeAdvice, or directing traffic to those other sites, however, is a violation of FreeAdvice terms and conditions of use, which prohibits commercial links or messages.

Without using names, who is the one or ones who established the revocable trust (i.e., who is the grantor)? Who manages the trust (i.e., who is the trustee)? The trustee is the one responsible for managing the assets in the trust for the benefit of the beneficiaries.

For what reason was the trust established? For what reason is it now being revoked?

 

[mikectm20]

I respect your original 2nd answer there Zddoodah. The deed may not ..on the PCOR item L must be checked yes that states
L. This is a transfer of property:

1. to/from a revocable trust that may be revoked by the transferor and is for the benefit of

{ }the transferor, and/or { } thee transferor's spouse { }registered domestic partner.


So item L ( shown above ) ..also does not say that there is an intent to revoke the trust. So i stand corrected. My appoligies.



But then, i'm just thinking as i'm typing here.. There's Part 2 of the PCOR Other Transfer Information


Must Other/ please explain be filled in ? No one is going to answr that i realize. Iike quincy's post i'm going to receive Zero

help / useful information ..and only be advised to go to a Lawyer. Zdoodah ..the only question you asked is who is 'we ..right ? i'm not

going to answer that/ would rather play hide the ball quincy Creators/settlors are trustees of their trust of course.

 

[Taxing Matters]

Creators/settlors are trustees of their trust of course.

The "of course" part implies that all trusts are set up that way, and that is simply not the case. While many revocable living trusts have the trust settlor as the trustee, there are a number of trusts out there (revocable and non revocable) in which some third person is the trustee. The choice of whether the trustee is the settlor or someone else depends a great deal on what kind of trust it is. For some trusts to work properly, the trustee must be someone other than the settlor. Who the trustee is makes a difference in how things with the trust will go, and that's why the question about the trustee is asked. By the way, when I ask that question on these boards, I'm not expecting the name of the person. Most others asking the question here also aren't interested in the name. That is something we discourage people from doing on a public internet site like this one. The less identifying information about yourself that you put online the less risk you have of encountering fraud or identity theft problem. But the relationship of the trustee to the settlor does matter, and that's what I look for when asking about the trustee. For example, Is the trustee a relative, and if so, what is the relationship between you (spouse, child, etc)? Is the trustee a friend, bank or other financial institution, the settlor's attorney, or someone else?

 

[quincy]

… quincy Creators/settlors are trustees of their trust of course.

My grandmother’s revocable trust was managed by a trustee from her financial institution. This trustee was specifically chosen by my grandmother so her family members were not burdened by the task.