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 3 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.