A trustee is someone who holds legal title to assets or property for the benefit of someone else. The trustee can be an individual or an entity such as a bank trust department. The trustee is responsible for managing the property and paying it out according to the terms of the trust. A trustee should be someone who has the requisite skill and time to manage the assets and investments. The trustee should also be trustworthy. It also helps if the trustee knows the beneficiaries. Professional trustees are often selected to act because of their ability to manage investments. Often an individual is appointed to act in conjunction with the professional to add insight into the beneficiaries.

Professional trustees charge for their services and this means the trust must be large enough to pay the fees.

Trustees are subject to the supervision of the courts and their duties can be enforced by legal action.

To learn more about estate planning in Illinois or to decide whether to use a professional trustee of someone you know contact Chicago estate planing attorney Don Thompson.