How to Revoke an Irrevocable Trust in Florida
Irrevocable trusts hold some part of a person's assets in trust during the lifetime of that person. The assets are distributed to beneficiaries after the trustor dies. Irrevocable trusts are made to stay static. Their guidelines resist change. Florida law states that the terms of an irrevocable trust cannot be changed once the trust is created, unless all parties consent to the action. If you feel you were tricked or taken advantage of when you created your trust, there may be other resettlement options available.
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Instructions
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Request a meeting with everyone who was signatory to the irrevocable trust.
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Draft a document voiding the original irrevocable trust. Ask everyone who was signatory to the original trust sign the document.
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Find a notary to sign the document voiding the trust. Give copies to the lawyer, the trustor and the trustee.
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Hire an attorney if you feel that the trust you entered into was manipulative or in any way illegal. Challenge the irrevocable trust in court, which is the only way to overturn it in Florida without the permission of all parties.
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Create a new irrevocable trust. Decant assets from one trust to another as allowed under Florida law. Choose a new trustee and sign a new set of documents if necessary. Revoking the original trust through creating a new trust, however, is the most effective solution.
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Tips & Warnings
Signatories of the irrevocable trust may include the trustee, the trust lawyer, the person who created the trust and the beneficiaries.
References
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