Revoke Estate Plan

The only constant in life is change, and usually after a significant change, an individual may face the strenuous task of adjusting their estate plan. An estate plan may consist of a revocable trust, a will, or powers of attorneys. Below are the following ways in which an individual may revoke each of the following documents:

How do you revoke a Revocable Trust?

A revocable trust is a financial entity that allows the individual who creates it, also known as the grantor, to change, remove, or alter such assets. This alteration can be done at any point during the grantor’s lifetime. Most importantly, the assets will transfer to the beneficiaries only after the grantor’s death.

The first step in revoking a revocable trust is to remove all the assets in it. This involves changing titles, deeds, or other legal documents to transfer ownership from the asset of trust back to the trust’s grantor. The second step is to fill out a formal revocation form, stating the grantor’s wishes to revoke all terms and conditions of the trust and dissolve it completely. The official revocation declaration must then be signed by the grantor, notarized, and, in some cases, filed with a local court.

How do you revoke a Will?

A will is a document by which a person directs his or her estate to be distributed upon death.

One way to revoke a will is by executing a new will declaring the prior will to be revoked. Generally, an individual should then execute a new will that is inconsistent with the previous will. Destruction of a will is also another way to revoke it. This can be accomplished by burning, tearing, canceling, or obliterating the will.  It should be noted, however, that any of these methods must be completed with the testator’s intent to revoke it.

 

How do you revoke a Power of Attorney for Property?

A Power of Attorney for Property is a document granting someone authority to act as an agent for the grantor. It is revocable and automatically terminates upon death. However, you cannot amend an existing POA, so if you want to change it, you need to revoke it and create a new one.

One way to revoke a POA for Property is to create a written revocation stating you are revoking the original POA for Property. This revocation must then be signed in front of a notary and given to anyone that has been provided with the original POA. Another way to revoke a POA for Property is by simply creating a new POA that states that you revoke any previous POAs you have made. Lastly, you may revoke a POA for Property by destroying it if you have never given a copy to anyone.

How do you revoke a Power of Attorney for Healthcare?

A Power of Attorney for Healthcare is a document that takes effect upon one’s incompetency and designates a surrogate decision-maker regarding healthcare matters. It is revocable and automatically terminates upon death. However, you cannot amend an existing POA, so if you want to change it, you need to revoke it and create a new one.

One way to revoke a POA for Healthcare is to create a written revocation stating you are revoking the original POA for Healthcare. This revocation must then be signed in front of a notary and given to anyone that has been provided with the original POA. Another way to revoke a POA for Healthcare is by simply creating a new POA that states that you revoke any previous POAs you have made. Lastly, you may revoke a POA for Healthcare by destroying it if you have never given a copy to anyone.

Contact the Lake County Estate Planning Attorneys at JTLG LLC Today

 

It’s often advisable to have a lawyer draft any one of these documents to make sure it is correctly worded and meets all the qualifications of your state’s laws. Also, if you have a variety of assets, it is often easier to let a qualified attorney make sure everything has been properly transferred.

 

If you are interested in discussing any of these documents, contact the wills and trusts lawyers at Johnston Tomei Lenczycki & Goldberg LLC today. We offer a no charge initial consultation where we will understand your assets, your family, your estate plan goals, and then recommend your best planning options. We take a holistic approach to estate planning, and will consider all planning documents available if the need arises. Call us today at 847-549-0600 to schedule your free initial consultation.

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