On Wed, 24 Dec 2003 05:34:23 GMT, "Charlie Toohey"
<toohey@ix.netcom.com> wrote:
The books go on to explain that if the trust is revoked and a new trust is
created (because there were major changes made), then all property must be
transferred into this new trust. But, if the name of the trust is still
"John Doe Revocable Living Trust", then all property is already in the
trust, because it was transferred for the previous incarnation of the trust.
So why would it say that all property must be transferred into the new
trust, if the name of the trust does not change ?
The short answer is that trusts are usually referred to by the date of
the trust instrument, so a new trust will not have the same date as an
old trust even if it has the same name.
But the book seems to be giving bad advice. Rather than create a new
trust, it is often better to "amend and restate" the original trust.
Technically speaking, the new trust is nothing but an amendment of the
old trust, so that no assets need to be retitled, but there is an
entirely new trust document, with the new provisions that would have
been put into the new trust.
**Dan Evans
**I post information, not advice.
