Letter to Financial Institution
(Transfer of Accounts to Revocable Trust) (IL)

Summary

This template is a letter for use in Illinois authorizing a financial institution to transfer a client’s account from his or her individual name(s) to the client’s revocable living trust. This template includes practical guidance, drafting notes, and an alternate clause. Typically, a client utilizes a revocable living trust to avoid probate or as part of disability planning. If the client funds a revocable living trust during his or her lifetime and subsequently becomes disabled, the trustee can manage the trust for the client’s benefit. However, these goals cannot be accomplished unless the client funds the trust during his or her lifetime. Be certain to provide instructions on the steps the client must take in order to fund the trust. For a template providing instructions to a client about the funding of the trust, see Letter to Client (Funding Revocable Trust) (IL). This template is drafted for use by an individual, but can be modified for a married couple. For more information on trusts, see Characteristics and Uses of Trusts (IL), Requirements and Restrictions on Trust Purposes and Administration (IL), and Revocation, Amendment, and Termination of Trusts (IL).