Revocable Living Trust & Will

[gayleinms]

Mom currently is very ill and living with my sister. Mom has all 5 kids in her will and has set up a revocable living trust for her house, stocks and checking account naming all 5 kids to receive an inheritance, equally split upon her death. If mom was persuaded to change her will before she died and took one of the kids out, does the will have power over the revocable living trust or is the revocable trust, as it says, revocable and cannot be changed to reflect the change to the will? In other words, does changing the will also affect the trust making it change too?

Sincerely,
Gayle

 

[disagreeable]

Trust assets cannot be re-covered in a will. Once the trustee points out they were not property of the deceased, they will be removed from the list of assets.

 

[gayleinms]

Trust assets cannot be re-covered in a will. Once the trustee points out they were not property of the deceased, they will be removed from the list of assets.

I don't understand your reply.
If someones name is removed from will, but their name is on the revocable living trust as one of the kids to receive an inheritance, will they still receive the inheritance even though their name was removed from the will?

 

[army judge]

I don't understand your reply.
If someones name is removed from will, but their name is on the revocable living trust as one of the kids to receive an inheritance, will they still receive the inheritance even though their name was removed from the will?

Assets (or rather the use of assets) passed through a trust, have nothing to do with assets bequeathed in a will.

 

[gayleinms]

OK! So in other words one doesn't affect the other one, correct? I thought if the will was changed and a kids was removed out of the will the trust would also reflect the change. Thank you for your assistance!

 

[army judge]

OK! So in other words one doesn't affect the other one, correct? I thought if the will was changed and a kids was removed out of the will the trust would also reflect the change. Thank you for your assistance!

That about summarizes things.
You're welcome.

 

[gayleinms]

So if my mom removes me from her will but I'm listed on the revocable living trust to receive an inheritance, nothing can change the trust, correct? Can she change the trust?

 

[army judge]

So if my mom removes me from her will but I'm listed on the revocable living trust to receive an inheritance, nothing can change the trust, correct? Can she change the trust?

Someone, can always change a revocable trust.

That's why its called a revocable trust, as opposed to an irrevocable trust.

In your example, yes, Amy Jones can be written out of the revocable trust; and Billy Button written into the same trust.

A will can also be changed, right up until the testator dies.

So, yes, mom can indeed disinherit you from her will.
The usual way that's done is to give a person ONE DOLLAR, rather than NOT mention the person.
But, if done correctly, either method GENERALLY works.

 

[gayleinms]

Someone, can always change a revocable trust.

That's why its called a revocable trust, as opposed to an irrevocable trust.

In your example, yes, Amy Jones can be written out of the revocable trust; and Billy Button written into the same trust.

A will can also be changed, right up until the testator dies.

So, yes, mom can indeed disinherit you from her will.
The usual way that's done is to give a person ONE DOLLAR, rather than NOT mention the person.
But, if done correctly, either method GENERALLY works.

Sorry, moms is a irrevocable trust! So I understand she can change her will to disinherit me, but if it's a irrevocable trust she can't take me off of it, correct? Then I would inherit anyway regardless if she changes the will, correct?

Thanks so much,
Gayle

 

[army judge]

Sorry, moms is a irrevocable trust! So I understand she can change her will to disinherit me, but if it's a irrevocable trust she can't take me off of it, correct? Then I would inherit anyway regardless if she changes the will, correct?

Thanks so much,
Gayle

Beneficiaries of an irrevocable trust can be changed under certain circumstances. The term 'irrevocable' generally implies that the trust cannot be changed under any circumstances, but this may not always be true. A special power of appointment in the trust document may allow the Grantor the freedom to modify the named beneficiaries at his or her discretion without affecting the benefits of the irrevocable trust.



Here you go:

http://irrevocable-trust.ultratrust...en-irrevocable-trust-and-revocable-trust.html

http://get.smarter.com/qa/business-...semD&an=google_s&am=broad&o=32243#full-answer