Trusts can be an important and useful part of a Nevada estate plan, but there are some circumstances under which a person may want to revoke a trust. If the trust is irrevocable, that can be a complicated process. To revoke a revocable trust, though, the person should follow a few steps. It may be advisable for a person to consult an attorney before taking any action that will impact his or her estate plan.
A witnessed handwritten statement revoking the trust is not sufficient, nor is it a good idea, in most cases. Revoking the terms of the current estate plan generally will not revive prior planning documents. For example, if a person had a will in place and then executed a new will to supersede the first, revoking the second will does not bring the first one back into effect.
The method of trust revocation may vary from case to case because the terms of a trust may vary. A trust that is in place should be revoked according to its own terms. If the trust has been funded, it is important to go through the required steps of revocation because the settlor might forget to remove one or more of the trust assets, and then the trust will remain in effect with regard to that asset.
People in Nevada who have questions about the revocation of a trust that is in place or the establishment of trusts in estate plans might want to speak with a lawyer who practices estate planning law. The lawyer might help by reviewing the facts of the client’s situation, organizing and categorizing assets and liabilities and developing an estate plan to fit the client’s goals. A lawyer may suggest irrevocable or revocable trusts, powers of attorney or other planning documents in addition to a will.