Selecting a Trustee for Your Illinois Revocable Trust: Roles, Duties, and Best Practices - Mary Liberty

From Illinois Estate Law – Selecting a Trustee for Your Illinois Revocable Trust: Roles, Duties, and Best Practices explores how thoughtful trustee selection can protect your assets, uphold your wishes, and prevent costly legal disputes. This episode dives into the responsibilities of trustees under the Illinois Trust Code and outlines common selection pitfalls to avoid, particularly for families in Chicago communities like Lincoln Park, Lakeview, and River North.

Listeners will learn why the role of trustee is not merely an honorary title but a serious fiduciary position with legal obligations, including the duty of loyalty, prudence, impartiality, and the duty to inform and account. Drawing from guidance by Chicago-based revocable trust lawyer Mary Liberty, we explain how choosing the wrong person—or failing to name successors—can lead to conflict, gridlock, or even court intervention. Real-world examples highlight how emotional decisions and unclear planning can jeopardize even the best-drafted estate plans.

The episode also breaks down three trustee structures: an individual trustee (such as a spouse or child), a corporate or professional trustee (such as a bank or trust company), and a hybrid model combining both. We explore the pros and cons of each, particularly for blended families and complex assets like investment properties in Lakeview or condos in Streeterville. You'll hear how the hybrid approach often offers the best balance of personal insight and professional oversight—ensuring both family harmony and long-term financial compliance.

Finally, we underscore why partnering with a qualified Illinois estate planning attorney is essential when setting up a revocable trust. Whether you're in Hyde Park, Oak Park, or downtown Chicago, Illinois Estate Law provides modern, flat-fee legal services tailored to your needs. With guidance from Mary Liberty and her virtual practice, families across Cook County can gain clarity, confidence, and lasting peace of mind in their estate planning journey.

Illinois Estate Law

4422 N Ravenswood Ave Suite 212, Chicago, IL 60640, United States

(312) 373-0731

https://www.google.com/maps?cid=9094251433909375867