I have a Living Trust prepared in year 2000, and added all bank account and other asset details to the trust. The bank account titles were thus changed from my name to the Living trust title.
Since 2000, I have been gradually pulling out assets from the living trust. Now I have only 1 bank account in the trust.
Now, I wish to revert the bank account title to my name and not to be in the living trust.
The bank is declining this request - they state that once an account is added to trust, it cannot be reverted.
I have sent them a written request notarized, but did not help.
My Living trust at present has no other assets other than this bank account. What is the easiest way out. Should I revoke the Living Trust and send the notification to the bank.
The easy way is simply to close the account and open a new one. If it is a CD or other account which cannot be closed without a penalty simply do not renew it and transfer the funds to another account at maturity. This is a common occurrence. Banks frequently insist on closing an account as opposed to changing account holders.
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3 lawyers agree
Estate Planning Attorney
Closing account is probably the easiest solution. However, I would consider doing a new trust if the old trust no longer meets your needs or estate planning goals. A Living Trust enables you to appoint a Trustee to handle your finances for you in the event you are disabled without having to go to court to have a Conservator or Guardian appointed. It also allows you to transfer your assets at death to your beneficiaries in a private manner without a court probate. I would recommend that you speak to an estate planning attorney.
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1 lawyer agrees
It sounds like something is missing from your question. That said, the simplest way would be to just withdraw all the money and take it to a different bank.
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