Living Trust Revocation
A trust grantor -- the creator of the trust -- has two options when it comes to changing a revocable trust. He can either alter the trust deed or revoke the trust completely. Either action must be carried out by the trust grantor of the trust and executed using a legal instrument.
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Revocable Living Trust Amendment
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To alter a trust deed, a trust grantor must fill out a revocable living trust amendment form. Include information such as: 1) The names of the parties involved in the trust; 2) the effective date of the trust deed; and 3) the article of the trust deed requiring revocation or modification. The trust grantor must sign and date the amendment and provide a copy of the living trust amendment form to the trustee for safekeeping.
Benefits of Amending a Trust Deed
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A trust grantor may alter one or more articles of a trust deed, such as the name of a beneficiary or trustee, while keeping the rest of a trust deed intact. The revocable living trust amendment form does not completely revoke or dissolve the trust; only the article that is incorrect or incomplete. There is no limitation to the number of times a trust grantor can amend a trust deed.
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Living Trust Revocation
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To close a trust, a trust grantor must fill out a living trust revocation, an instrument used to revoke a living trust. The form identifies: 1) The parties involved in the trust; 2) the property held by the trust; and 3) the date on which the trust will be revoked. The trust grantor must sign and date the form and give written notice of revocation to the parties involved in the trust.
Return of Trust Property
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Once a living trust is revoked, a trustee retitles trust property over to the trust grantor. An assignment is a legal instrument by which trust property is transferred from one entity to another. The trust grantor must sign and date the form and relinquish all property immediately thereafter.
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