Legal Question in Wills and Trusts in Illinois

Re: Taking assets out of a revocable living trust

A revocable living trust, by definition, allows you to take assets out, and put them back in, at any time by simply retitling the assets in either the trust name, or your name, as the case may be. For selling stock or real estate, you simply get the proceeds payable to the same name in which the asset is titled, and you can then change the "ownership" of the proceeds by simply depositing the check in an account titled appropriately. by the way, a lawyer is not legally required to do any of this, but if you want to be sure that you acomplish what you intend, I recommend that you use a lawyer for forming or amending a trust, or transactions in real estate. If you don't you may inadvertently find yourself or your estate with unintended consequences.

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