Yes, you can generally revoke a testamentary trust by writing a new will, however it’s not always a simple process and requires careful attention to detail to ensure it’s legally sound.
What exactly *is* a testamentary trust?
A testamentary trust is created *within* your will and only comes into effect *after* your death. Unlike a living trust, which is established during your lifetime, a testamentary trust is born from the instructions outlined in your will. It dictates how and when assets are distributed to your beneficiaries. Roughly 60% of Americans do not have a will, meaning a significant number of estates are subject to state intestacy laws, which might not align with their wishes. Revoking this trust essentially means removing those specific instructions from your estate plan. It’s crucial to understand that simply *ignoring* the trust in a new will isn’t enough; you must explicitly state its revocation.
How do I properly revoke a testamentary trust in my new will?
The key is clarity. Your new will should contain a clear and unambiguous statement revoking the prior testamentary trust. A phrase like, “I hereby revoke any and all provisions in my prior will relating to the testamentary trust created therein,” is a good starting point. It’s also advisable to specifically identify the trust being revoked, perhaps by its original date or a unique identifier. The revocation clause should be prominent and not buried within lengthy legal jargon. Failing to do so could lead to disputes among beneficiaries or legal challenges to your estate. Approximately 33% of Americans report having no estate plan whatsoever, and even more have outdated plans that don’t reflect their current circumstances.
What happens to the assets previously designated for the trust?
Once the testamentary trust is revoked, the assets that were originally intended for it will be distributed according to the instructions in your new will. This could mean they are distributed outright to beneficiaries, placed into a new trust, or allocated according to a different distribution plan. For instance, imagine old Mr. Henderson, a local craftsman. He’d initially set up a testamentary trust in his will to provide funds for his granddaughter’s art school tuition. Later, however, she decided to pursue a different career path. With the help of his attorney, Steve Bliss, he revoked the trust in his updated will and instead directed those funds to a local charity supporting young entrepreneurs. It’s vital to ensure the new distribution plan is clearly defined to avoid ambiguity.
I heard about a case where a trust revocation went wrong – what can I learn from that?
Old Man Tiberius, a man notorious for his last-minute changes, attempted to revoke a testamentary trust simply by crossing it out in his will and adding a handwritten note saying, “Trust no longer valid.” Sadly, this wasn’t legally sufficient. When Tiberius passed, a fierce legal battle erupted between his children and grandchildren. The court ultimately ruled that the handwritten amendment was insufficient to revoke the trust, and the assets remained tied up in the original trust, creating years of animosity and substantial legal fees. This case perfectly illustrates the importance of precision and professional guidance. It’s estimated that probate litigation costs average between 5% and 15% of the estate’s value. This is a hefty price to pay for a poorly executed revocation.
How did a client successfully revoke a testamentary trust with Steve Bliss’s guidance?
The Miller family faced a similar dilemma. Mrs. Miller had established a testamentary trust for her son, David, who had special needs. However, David later became more independent and capable of managing his own finances. Working with Steve Bliss, they drafted a new will that specifically revoked the original testamentary trust and instead created a special needs trust funded by life insurance, providing long-term support without jeopardizing his government benefits. The new will clearly identified the revoked trust by its date, stated the intent to revoke it, and detailed the new distribution plan. When Mrs. Miller passed, the estate was settled swiftly and efficiently, ensuring David’s needs were met without any complications. This demonstrates how a well-executed revocation, guided by experienced legal counsel, can provide peace of mind and protect your beneficiaries.
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About Steve Bliss at Wildomar Probate Law:
“Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Estate Planning Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Services Offered:
- living trust
- revocable living trust
- estate planning attorney near me
- family trust
- wills and trusts
- wills
- estate planning
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “How do I make sure my digital assets are included in my estate plan?” Or “Does life insurance go through probate?” or “How is a living trust different from a will? and even: “What is an automatic stay and how does it help me?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.