CHICAGO, IL – Selecting the right trustee is one of the most important decisions in setting up a revocable living trust, according to Chicago revocable trusts lawyer Mary Liberty of Illinois Estate Law (https://www.illinoisestatelaw.com/selecting-a-trustee-for-your-illinois-revocable-trust/). In Illinois, where estate planning laws are defined under the Illinois Trust Code, choosing the wrong trustee can cause significant legal complications and family disputes. With proper planning and legal guidance, families can avoid common pitfalls and ensure that their trust operates smoothly and in line with their long-term goals.
For residents throughout Lincoln Park, Lakeview, and Chicago’s downtown neighbourhoods, Mary Liberty, an experienced Illinois estate planning attorney, emphasises the importance of understanding both the responsibilities and legal obligations of a trustee. “Naming a trustee is not about honoring a loved one,” Chicago revocable trusts lawyer Mary Liberty explains. “It’s about choosing someone with the ability and willingness to manage your trust responsibly and follow the law.”
Whether managing investment accounts or resolving family tensions in blended households, the trustee must act impartially and with prudence. With Mary Liberty’s guidance as a Chicago revocable trusts lawyer, clients are better equipped to make informed choices that protect their beneficiaries and preserve their legacy.
One of the key points Liberty highlights is that many people underestimate the seriousness of the trustee’s role. A trustee is not simply a caretaker of property but a fiduciary—a party legally obligated to act in the best interests of the trust’s beneficiaries. Liberty points out that these duties are defined in detail under Illinois law, and failure to meet them can lead to legal disputes or even personal liability.
“Lack of experience is not a defense,” Liberty warns. “A family member who agrees to be a trustee is held to the same standard as a professional trustee. If they make a bad investment decision, they may be personally responsible for the loss.”
In her work as an Illinois estate planning attorney, Mary Liberty sees frequent issues arise when people assume a trustee role without fully understanding the legal requirements. This includes maintaining detailed records, filing trust tax returns, managing assets prudently, and communicating transparently with beneficiaries. Many of these obligations are ongoing and demand not just organization but legal and financial literacy.
Trustees in Illinois must also navigate four primary fiduciary duties under the Illinois Trust Code: loyalty, prudence, impartiality, and the duty to inform and account. Liberty notes that these standards apply equally to individual trustees—like a family member—and to corporate or institutional trustees. In recent years, disputes over breaches of these duties have increased across Cook County probate courts, reflecting the growing complexity of trust administration in the region.
For clients deciding who to name as trustee, Liberty outlines three common options: an individual trustee, a corporate trustee, or a combination of both. Each has benefits and limitations. A family member may know the beneficiaries well, but personal relationships can lead to conflicts of interest or emotionally charged decisions. Corporate trustees, by contrast, offer neutrality and financial accountability but may lack a personal connection to the family. Liberty often recommends a hybrid approach that combines both.
“The hybrid trustee model is especially effective for blended families or large estates,” Liberty explains. “A corporate trustee can manage compliance and reporting, while a family member can provide insight into the beneficiaries’ needs and the grantor’s intentions.”
In her role as a Chicago revocable trusts lawyer, Mary Liberty also educates clients on the most common mistakes when naming a trustee. These include appointing a beneficiary as sole trustee, assuming co-trustees will always cooperate, and failing to name successor trustees in case the original choice is unable or unwilling to serve. Any of these missteps can jeopardize the trust and lead to unnecessary legal intervention.
In Illinois, when no successor trustee is named and a vacancy occurs, state law allows beneficiaries to appoint a replacement. But if they cannot agree, court involvement becomes necessary. Liberty emphasizes the importance of proactive planning to avoid this outcome. “Naming successor trustees is not optional,” she says. “It’s essential for keeping your trust functional and avoiding family disputes.”
For anyone creating or updating a revocable trust in Illinois, now is the time to carefully consider who will serve as trustee and what structure will best meet the family’s needs. A well-structured trust with the right trustee can reduce conflict, avoid litigation, and ensure that the trust’s goals are fulfilled exactly as planned.
About Illinois Estate Law:
Illinois Estate Law provides comprehensive estate planning services to individuals and families across Chicago and Cook County. With a client-focused approach, the firm assists with wills, trusts, asset protection strategies, and probate matters to help clients preserve their wealth and protect their loved ones.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=CvQ4y7vYch4
GMB: https://www.google.com/maps?cid=9094251433909375867
Email and website
Email: contact@illinoisestatelaw.com
Website: https://www.illinoisestatelaw.com/
Media Contact
Company Name: Illinois Estate Law
Contact Person: Mary Liberty
Email: Send Email
Phone: (312) 373-0731
Address:4422 N Ravenswood Ave Suite 212
City: Chicago
State: Illinois 60640
Country: United States
Website: https://www.illinoisestatelaw.com/
Press Release Distributed by ABNewswire.com
To view the original version on ABNewswire visit: Chicago Revocable Trusts Lawyer Mary Liberty of Illinois Estate Law Explains the Critical Role of Trustees in Estate Planning
