Do I have a revocable trust

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
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metalworking
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Joined: Sun Jan 03, 2016 8:20 pm

Do I have a revocable trust

Post by metalworking »

My spouse and I had an attorney draw up a will and trust a few years ago. We never funded the trust and no longer wish to. Does the fact that an attorney drew up the documents mean that we do indeed have a legal trust and our estate will transfer to the trust upon death?
Thanks
toddthebod
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Re: Do I have a revocable trust

Post by toddthebod »

metalworking wrote: Mon Nov 20, 2023 11:57 am My spouse and I had an attorney draw up a will and trust a few years ago. We never funded the trust and no longer wish to. Does the fact that an attorney drew up the documents mean that we do indeed have a legal trust and our estate will transfer to the trust upon death?
Thanks
The trust is a vehicle for holding property. Typically you need to title property to the trust, although my trust does list some property that was assigned to the trust via the trust document.

In reality, if you haven't titled anything to the trust, you can shred the document and pretend it never existed. (But does your will mention the trust? And do you want to keep the will?)
Backtests without cash flows are meaningless. Returns without dividends are lies.
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cheese_breath
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Re: Do I have a revocable trust

Post by cheese_breath »

It sounds like you have a trust. Whether your estate transfers to it or not depends on what the wills say. And they will need to be probated first.
The surest way to know the future is when it becomes the past.
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Lee_WSP
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Re: Do I have a revocable trust

Post by Lee_WSP »

Yes, you need to revoke the pour over will.
Topic Author
metalworking
Posts: 353
Joined: Sun Jan 03, 2016 8:20 pm

Re: Do I have a revocable trust

Post by metalworking »

Thanks everyone. That answers my question
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