We have Residential Property in our Revocable Living Trust that we are selling. We are the sole trustees. While selling is straightforward our lawyer told us that the check for sale amount will be made out to the Trust. Can we deposit the check in our personal checking account? We do not have an account for the Trust. Note we want to use the money immediately for personal purpose so we need it in our personal account.
The better course of action would be to set up a bank account for the trust and indeed to put all significant financial assets into the name of the trust.
Otherwise, the sale will remove the residence and the proceeds of it from the trust, which doesn't appear to be what you intend to do. A living trust is virtually useless if it isn't funded.