QUESTION
Does my mother need to revoke and/or revise her entire living trust (was joint with my father) after my father dies?
Asked on Jan 21st, 2016 on Trusts and Estates - California
More details to this question:
1) They were co-trustees of their own living trust, and a new secondary trustee is not yet named. 2) Their living trust was last updated more than 10 years ago. 3) Although great grandchildren were born into families, the listed direct beneficiaries did not change. 4) Some family members are telling her she needs a new living trust, but the trust language indicates the trust remains in effect after one spouse dies. 5) Due to significant cost quotes, we're wondering if an amendment would be enough, identifying secondary trustees, updating family if appropriate, and ensuring property list is current, accurate and complete. Thank you!
1 ANSWER
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A trust is designed to last the trustor's lifetime. So a whole new trust is rarely needed. You will probably be able to get away with an amendment to the trust.
Besides, you'll have to read the trust itself. Once one trustor dies, then sometimes subtrusts are created and part of the trust becomes irrevocable.
When one trustee dies, you may have to record an Affidavit - Death of Trustee with the county recorder.
There is some trust administration to do when a trustor dies. Contact an attorney for a full consultation.
Answered on Jan 21st, 2016 at 7:12 PM