Activating a revocable trust must adhere to specific guidelines throughout the legal process. A trust is a fund consisting of assets belonging to the trust and held by the trustees for the beneficiaries until a given point in time. A revocable trust is one that can be revoked, or taken back, by the trustees at any point.
Hire a lawyer and discuss the details of the trust fund and the reasons why you would like to revoke it. Bring all relevant documents associated with the trust as well as all pertinent financial information for you and your family. This information will be necessary as the lawyer moves forward in the revoking process.
Serve a notice of revocation on the trustee to inform him that the trust is being revoked. Required by law, this notice officially notifies the trustee that you wish to revoke the trust and that it will be terminated. It also states that any assets included in the trust must be returned to the grantee immediately.
Arrange for the transfer of legal title to the trust's assets from the former trustee back to the original grantor. Once your lawyer draws up the paperwork, it only requires a signature for everything to become official. Once this process is complete, the revocable trust has been activated and assets have been returned.
- Real Estate Law; Raymond Werner; 2001
Mike Vitanza is a professional writer for news agencies and other sources. He has worked for a number of different news outlets and publications, including Brafton News Agency. Vitanza is a graduate of Providence College with a bachelor's degree in business studies and has expertise in finance, money, business and technology.