Can I Break The Living Trust?
My wife had living trust drawn in 2008. We were married in 1990 and since that we have had a new home built and she hasn't paid mortgage payment on it since that time.
Now we have a new home a two car garage our driveway is black topped. And I have paid both life insurance, all
taxes, both car insurance. Her and mine medicare all the other things.
What I am getting at is -- is there a way for
me to break this trust? Thank You. Answer:
Certainly, you can just take any assets that are yours out of the trust. This is assuming you placed them in the trust in the first place. Of course, what you own and what she owns is a different, more complicated, question that depends on state law, how long you've been married, whether the asset was brought into the marriage or earned in the marriage, etc. So, really, you'll need to discuss with a living trust attorney which assets you can remove from the trust. But, certainly, once they are out of the trust, they won't be controlled by the trust.
You also could revoke the trust, (a sample form such as the one here Revoke Trust Doc
could be used). The problem with that is letting people know it's revoked.
So, again, the safest way is to remove the assets that you can from the trust.
Thanks for your question.