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Brian Kristopher Jones

Brian Jones’s Answers

3 total

  • How do I revoke a living trust?

    There was real property funded into the trust along with my then wife's trust. She re-did hers leaving mention of me out in reference to being her husband.

    Brian’s Answer

    A living trust will normally state something along the lines of, "I reserve the right to amend or revoke this document during my lifetime in a writing delivered to the Trustee ..." or something similar. Among other options, you may (a) amend and restate your trust document (keeping the original form, but changing its terms) ; or (b) revoke your trust (leaving you with no current estate plan). If you revoke your trust, you'll likely want to put something else in place promptly, so you do not die intestate (without a Will). Given your circumstances, perhaps a simple Will may serve the purpose, but you'll want to discuss your specific situation with an attorney.

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  • How do I legally revoke a living trust that was prepared while I was married to my now-ex-spouse? Can I replace it with a will?

    I own no real property, just a car and a small brokerage account (under $20K). However, in my living trust I owned a house equally with her, but she had her living trust updated removing any reference to me as a spouse or part owner of anything s...

    Brian’s Answer

    A living trust will normally state something along the lines of, "I reserve the right to amend or revoke this document during my lifetime in a writing delivered to the Trustee ..." or something similar. Among other options, you may (a) amend and restate your trust document (keeping the original form, but changing its terms) ; or (b) revoke your trust (leaving you with no current estate plan). If you revoke your trust, you'll likely want to put something else in place promptly, so you do not die intestate (without a Will). Given your circumstances, perhaps a simple Will may serve the purpose, but you'll want to discuss your specific situation with an attorney.

    See question 
  • I need an opinion letter from an attorney to review a trust which was set up 15 years ago...i am purchasing a new home in trust

    My lender states this is a new Fannie Mae requirement. Questions such as verification the trustee is borrower, trustee is the settlor, trust assets can be used as collateral for the loan etc need to be addressed

    Brian’s Answer

    Generally, the lender will provide specifics they'll want addressed. Typically, the letter will read something like this: "Dear Ladies and Gentlemen:
    With regard to the above-referenced trust, I attest to the following:
    l. The Trust was validly created and is duly existing under applicable (STATE) law;
    2. The Trust is (revocable/irrevocable) ;
    3. _________________ is the grantor and beneficiary of the Trust;
    4. The Trust assets may be used for collateral for a loan;
    5. _________________ is the Trustee and is:
    A. Duly qualified under applicable law to serve as Trustee;
    B. A borrower;
    C. The grantor; and
    D. Fully authorized under the trust document and applicable law to pledge or otherwise encumber the Trust assets."

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