[WSBAPT] Question re: restating a trust

[Philip N. Jones]

I see no reason why not.
Phil Jones

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________________________________
From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> on behalf of Jon Fritzler <FritzlerLaw at outlook.com>
Sent: Wednesday, September 20, 2023 3:25:47 PM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Question re: restating a trust


Clients came to me with a revocable living trust that was created after they were married and which holds virtually all of their property.  Nothing unusual about that, except that it is not a joint trust.  Husband is the sole settlor of the trust.  (Apparently, wife had co-signed on a child’s loan and the thinking was that having only H as settlor would protect their assets.)  The loan situation is now resolved and they want to know if the trust can be converted to a joint trust so that W will have the ability to amend it if husband dies first.  Of course, H could revoke the current trust and they could transfer all of the assets to a new trust but they would rather avoid having to retitle all of their assets.  Is there any reason the current trust can’t be restated as a joint trust?



Sincerely,

Jon M. Fritzler

Attorney at Law

717 E. 22nd St.

Vancouver, WA 98666

Tel. 360.818.4431

E-mail fritzlerlaw at outlook.com<mailto:fritzlerlaw at outlook.com>



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