How can I cancel my existing Living Trust, as I am relocating overseas permanantly and I have abso. no assests in America?
1 Answer from Attorneys
Assuming it is a revocable living trust, you can either form a new trust that supercedes the old one or revoke the existing trust. To do the latter, you must call in any copies of your trust that may be out (never a good idea to allow copies out into circulation, by the way!) and retitle any and all assets that were in the name of the trust to your own name. If you did substantial business with anyone in the name of the trust, you may wish to send them notice of the revocation, so they do not rely upon the trust as the entity with which to continue to deal.
Are you certain you have zero American assets? No business entity or retirement accounts or pension funds? No bank deposits or CD's or stock holdings or bonds? If you are completely certain, then the trust owns nothing and serves no legal purpose (in regards to assets), so could die a natural death for lack of utility. Make sure, though, that there are not other loose ends left untied, like a durable power of attorney, for example.