Louisiana Revocation of Living Trust
What this document covers
The Revocation of Living Trust form is a legal document that terminates a living trust created during the Trustor's lifetime. This form is essential for estate planning, allowing Trustors to reclaim their assets and property held in the trust. It provides clarity by officially declaring the full revocation of a specific living trust, ensuring all trust property is returned to the Trustors. Unlike other trust-related documents, this form specifically addresses the termination of the trust and outlines the procedure for reintegrating trust assets back to the Trustor.
What’s included in this form
- Identification of the Trustor(s) and the specific living trust being revoked.
- Declaration of full and total revocation of the trust.
- Statement confirming the return of all trust property to the Trustor(s).
- The effective date of the revocation.
- Signatures of the Trustor(s), witnessed by a notary public.
Common use cases
This form should be used when the Trustor(s) decide to terminate a previously established living trust. Common scenarios include changes in personal circumstances such as divorce, the passing of a beneficiary, or when the Trustor wishes to reassign assets without trust restrictions. It is also appropriate when seeking to simplify estate management or if the trust no longer meets the Trustor's objectives.
Who needs this form
- Individuals who have established a living trust and wish to revoke it.
- Trustors who need to reclaim assets and property held in the trust.
- Those experiencing significant life changes that affect their estate planning decisions.
- Beneficiaries or heirs involved in estate administration alongside the Trustor.
Completing this form step by step
- Identify the Trustor(s) and specify the name of the living trust being revoked.
- Clearly declare the revocation of the trust in the document.
- Indicate the effective date of the revocation.
- Ensure all assets of the trust are detailed and confirm their return to the Trustor(s).
- Sign the document before a notary public, including all requisite information.
Is notarization required?
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
Common mistakes to avoid
- Not specifying the correct name of the living trust being revoked.
- Failing to include the effective date of the revocation.
- Not having the document notarized, which may be required for validity.
- Overlooking the return of trust property to the Trustor(s).
Advantages of online completion
- Convenient download and immediate access to the form.
- Editable template that allows for customization to fit individual needs.
- Drafted by licensed attorneys, ensuring legal compliance.
- Easy and secure process to complete and store important documents.
Form popularity
FAQ
The terms of an irrevocable trust may give the trustee and beneficiaries the authority to break the trust. If the trust's agreement does not include provisions for revoking it, a court may order an end to the trust. Or the trustee and beneficiaries may choose to remove all assets, effectively ending the trust.
In some states, your trustee must submit a formal accounting of the trust's operation to all beneficiaries.Trustees can sometimes waive this requirement if all beneficiaries agree in writing. In either case, after the report is made, the trust's assets can be distributed and the trust can be dissolved.
Most Trusts take 12 months to 18 months to settle and distribute assets to the beneficiaries and heirs. What determines how long a Trustee takes will depend on the complexity of the estate where properties and other assets may have to be bought or sold before distribution to the Beneficiaries.
Irrevocable trusts can remain up and running indefinitely after the trustmaker dies, but most revocable trusts disperse their assets and close up shop. This can take as long as 18 months or so if real estate or other assets must be sold, but it can go on much longer.
EXAMPLE: Yvonne and Andre make a living trust together. Step 1: Transfer ownership of trust property from yourself as trustee back to yourself. Step 2: A revocation prints out with your trust document. Step 3: Complete the Revocation of Trust by filling in the date, and then sign it in front of a notary public.
A revocation of a will generally means that the beneficiaries will no longer receive the specified property or financial assets. A beneficiary may have been depending on the trust property for various reasons. If the revocation occurs at a certain time, it can cause legal conflicts in many cases.
A revocable trust may be revoked, certainly. If you have transferred property into that trust, then you'll need to transfer it back to yourself and then into the new trust.You would then keep the old trust name and date of original execution, but the entire document will have changed.
When a trust dissolves, all income and assets moving to its beneficiaries, it becomes an empty vessel. That's why no income tax return is required it no longer has any income. That income is charged to the beneficiaries instead, and they must report it on their own personal tax returns.
The first step in dissolving a revocable trust is to remove all the assets that have been transferred into it.Such documents, often called a trust revocation declaration or revocation of living trust," can be downloaded from legal websites; local probate courts may also provide copies of them.
