Legal Question in Wills and Trusts in Illinois

restated trust

I am considering going from a revocable living trust to an irrevocable trust. I've been told that I can simply amend the entire revocable trust (called a restatement) and as such the irrevocable trust will retain both the name and the date of the revocable trust thus making refunding of assets unnecessary. Is that true?


Asked on 7/26/07, 11:35 pm

1 Answer from Attorneys
Cyndi Perez Trostin

Re: restated trust

You can amend the trust with a restatement of the trust; however, drafting an irrevocable trust is NOT something you will want to do by yourself. Since it is irrevocable, once is it established, and the assets have been transferred, only the trustee has rights to sell or control the assets.

Please speak to an attorney who has a background in estate planning to accomplish your goals in this regard.

Good luck to you.

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Answered on 7/30/07, 1:50 pm


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