If I set up a Living Trust, can I still transfer property in and out of the trust?

Asked by Martha

1 Answer

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Answered by Prateek Mehrotra, Financial Adviser in Appleton, WI
Martha,

The answer to your question is Yes.

Most of us make more than one will during our lifetimes; circumstances change, and our estate planning needs to change, too. Like a will, a living trust can be altered whenever you wish. One of the most attractive features of a revocable living trust is its flexibility: You can change its terms, or end it altogether, at any time.

If you created a shared trust with your spouse, either of you can revoke it. If, however, you want to change any trust provisions—for example, change a beneficiary or successor trustee—both of you must agree in writing. And both spouses will probably have to consent to transfer real estate out of the living trust; buyers and title insurance companies usually insist on both spouses' signatures on transfer documents. After one spouse dies, the surviving spouse is free to amend the terms of the trust document that deal with his or her property, but can't change the parts that determine what happens to the deceased spouse's trust property.

Hope this answers your question. | 12.17.13 @ 22:24
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 00:18
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