Illinois Revocation of Living Trust
About this form
The Revocation of Living Trust form is a legal document used to formally revoke an existing living trust. A living trust is created during a person's lifetime to manage their assets and property for estate planning purposes. This form declares the complete revocation of a specific living trust and facilitates the return of the trust's assets to the trustor. It must be signed in the presence of a notary public to be legally valid.
Form components explained
- Identifying information of the Trustor(s) and the specific trust being revoked.
- A declaration stating the trust is revoked in full and total.
- Provisions for reconveying or reassigning all trust property back to the Trustor(s).
- An effective date for the revocation of the trust.
- Signatures of the Trustor(s) along with their printed names.
- A section for the notary public's acknowledgement.
When to use this form
This form should be used when you want to completely dissolve a living trust that you have previously established. Common reasons for revocation include changes in personal circumstances, such as marriage, divorce, or the desire to create a new estate plan that better reflects your current intentions. It is essential to ensure that all trust assets are properly reconveyed to you as the trustor.
Intended users of this form
This form is appropriate for:
- Individuals who have established a living trust and wish to revoke it.
- Trustors looking to return all assets held in the trust back to themselves.
- Those who are unsatisfied with the terms or provisions of their existing trust.
- Anyone involved in estate planning who needs to withdraw from a living trust.
How to complete this form
- Identify the Trustor(s) entering the revocation and the specific name of the Living Trust being revoked.
- State the complete revocation of the trust in the designated section.
- Ensure all trust property is accurately mentioned to confirm reconveyance back to the Trustor(s).
- Specify the effective date on which the revocation will take place.
- Sign the document in the presence of a notary public, making sure to include all necessary signatures and printed names.
Does this form need to be notarized?
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes
- Failing to include all relevant trust property that needs to be reconveyed.
- Not providing an effective date for the revocation.
- Omitting notarization of the document, which is necessary for it to be legally valid.
- Providing incomplete or incorrect identification of the trust or trustor(s).
Benefits of using this form online
- Convenient access to the form for immediate download and completion.
- Editability allows you to customize the form as needed before finalization.
- Reliability in content, as the form is drafted by licensed attorneys to ensure compliance with legal standards.
Key takeaways
- The Revocation of Living Trust form serves to formally dissolve a living trust.
- This document enables the return of trust property to the trustor.
- It requires notarization to ensure legal validity.
- Users should ensure all trust assets are properly accounted for in the revocation.
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FAQ
A revocable trust, or living trust, is a legal entity to transfer assets to heirs without the expense and time of probate.A living trust also can be revoked or dissolved if there is a divorce or other major change that can't be accommodated by amending the trust.
How can I dissolve my trust? You can dissolve a trust by bringing forward its final distribution date. This can be done by the trustees or settlor if the trust deed says they can, or by the combined consent of the beneficiaries.
Modifying an Irrevocable Trust The easiest and most straightforward way to change or revoke a trust is for the grantor and all potential beneficiaries to agree to the change and sign a consent modification document. A grantor may also be able to petition the court to revoke a trust based on mistake.
Read the Documents Carefully. Some agreements contain language that allows a trustee to dissolve the trust if its purpose is no longer feasible. Petition the Court. In some cases, a court agrees to break an irrevocable trust if the trustee or beneficiaries petition for assistance. Dispose of the Trust's Assets.
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.
The first step in dissolving a revocable trust is to remove all the assets that have been transferred into it. The second step is to fill out a formal revocation form, stating the grantor's desire to dissolve the trust.
If you want to revoke your trust, you must formally take all of the trust assets out of the living trust and transfer title back to you. Basically, you must reverse the process you followed when you transferred ownership of the property to yourself as trustee.
A revocable trust, or living trust, is a legal entity to transfer assets to heirs without the expense and time of probate.A living trust also can be revoked or dissolved if there is a divorce or other major change that can't be accommodated by amending the trust.
Key Takeaways. Revocable trusts, as their name implies, can be altered or completely revoked at any time by their grantorthe person who established them. The first step in dissolving a revocable trust is to remove all the assets that have been transferred into it.
