02 Apr What is the simplest way to dissolve my revocable trust?

Q. What is the simplest way to dissolve my revocable trust?
— Taking steps

A. There are many reasons people choose to establish trusts. Among them are to protect assets, to use as an estate planning tool and for tax purposes.

But it’s not unusual for people to have second thoughts about trusts sometime later.

If there are assets in the revocable trust they should be removed by changing title to those assets, said Shirley Whitenack, an estate planning attorney with Schenck, Price, Smith & King in Florham Park.

“The trust may contain a provision setting forth the process for revoking the trust,” she said. “Absent such a provision the person who created the trust — the `grantor’ — should sign a legal document revoking the trust.”

And while you may find do-it-yourself forms online to revoke a trust, Whitenack said it’s “prudent” to consult an attorney to ensure proper revocation.

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This story was originally published in March 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.