How to Revoke a Revocable Living Trust in Florida
A revocable living trust executed in Florida is revocable as long as the grantor reserved the right to revoke the trust in the original document. Provided this is the case, a revocable living trust can be amended or revoked at any time by the grantor. If dramatic changes are envisioned, it's usually easier to revoke the trust and start over, rather than make complex amendments.
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Instructions
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Determine who can revoke the trust. Only a grantor can revoke a trust. In the case of an individual trust, this is a single individual, but other trusts might have more than one grantor. An "AB" trust, granted jointly by a married couple, can be revoked by either spouse. Other kinds of trusts can only be revoked by agreement of all the grantors.
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Execute a revocation. The document for revoking a living trust is much simpler. It merely needs to express the grantor's revocation. Like the original trust document, it must be executed by the grantor(s) in the presence of a notary. See Resources for a sample form.
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Retitle assets. The most important part of revoking a living trust is to retitle the assets in the trust. Though the trust document creates the trust, and a revocation document revokes the trust, the assets must be retitled to effectuate the revocation. This probably involves directly contacting banks, the broker, government agencies and other organizations that maintain the titles of the trust's assets and providing copies of the revocation document.
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Tips & Warnings
Just as retitling the assets is the most time-consuming part of establishing a trust, it also the most labor-intensive aspect of revoking a trust. If a new trust is to be formed, it is probably time-saving to already have the new trust established so that retitling only has to occur once.
