Does a new Living trust void out an original one made years before by a different lawyer
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Does a new Living trust void out an original one made years before by a different lawyer
There was a Living trust made up in 1996, a second one was written on 2011 with different trustees which one is valid
Asked on April 18, 2017 under Estate Planning, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
A living trust takes effect immediately, so whatever assets became part of the old trust became part of it as soon as it was created; therefore, they did not belong to grantor, or person creating the trust, any longer and he or she could not dispose of them or direct what happens to them--only the trustee could, within the terms of the trust. The new trust could coexist with the old one, if it affected different assets, but would not have any effect on the assets in the old trust. Creating a new living trust does not, by itself affect the older trust or the assets in it. If the old trust was a recovacable trust, the grantor could revoke it, but would have to specifically revoke it--if the new trust stated that it revoked any prior trusts, and the old trust was revocable, then the new trust would, due to the revocation language, both revoke and replace the old trust. But if the old trust was not revocable, then *nothing* will revoke or change it; and even if it was revocable, if the grantor did not specifically revoke it, it remains in effect.
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