Some Georgia residents who have a revocable trust might decide that they no longer want to use it in their estate plan. If this happens, there are certain steps they must take to ensure that the trust is revoked and their wishes are followed.
One man whose parents decided to cancel their trust wondered whether they could revoke the trust and reinstate previous wills, which made no reference to the trust, with a handwritten, signed letter of revocation. His parents were already retitling their assets to move them out of the trust. However, a letter of this nature might not be sufficient to revoke the trusts. There might be documents that the parents would be required to sign. Furthermore, revoking a new will does not automatically reinstate the previous will. The parents would need to create and sign a new will instead.
Trust agreements generally have specific instructions for what steps should be taken to revoke the trust, and these need to be followed. Revoking the trust could help ensure that if the parents died before removing all the assets from it or forgot to remove an asset, the terms of the newer wills would still be followed. An attorney may be able to assist a person in this process.
There are several reasons a person might prefer using a trust instead of a will. With a trust, assets can pass to beneficiaries without going through probate. A trust also offers privacy while probate is a public process. However, there may be situations in which a will is a better choice. There are costs associated with trusts that could mean using one is not practical. People with relatively straightforward estate planning situations might not need a trust. However, trusts can be useful in managing when and how distributions are made.