Legal Question in Wills and Trusts in Illinois
if you have no family andyou want to setup aliving trust isthere abank or some one to see that your wishes will be put into place?
We haveno one for executor.
3 Answers from Attorneys
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Yes, if there are no family members suitable to serve as successor trustee, a bank or trust company can serve. Keep in mind that most banks have minimums in terms of the size of the trust that they will accept. It is generally best to consult with the potential corporate trustee ahead of time to determine whether they will be willing to serve.
If a corporate trustee is not suitable, both CPAs and attorneys usually carry professional liability coverage for acting as trustee. CPAs are the best because administration involves tax preparation and providing accountings to beneficiaries. Start with whoever does your own tax preparation and go from there.
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