Legal Question in Wills and Trusts in Illinois

The fact that it is in only one name suggests that there may be questions about the assumption of you and your two sisters owning the property. If the three of you have assumed that, continue to agree it is so and the property ended up in one name solely because it was a convenient way for the transfer from your parents to be handled, then hopefully you won't have issues among you. That said, however, I would get it cleared up soon by meeting with an attorney who can help you sort it all out. I am guessing that this resulted from "short-cut estate planning" that often only leads to issues and expenses if not resolved.

As far as handling the rental, I agree with you that it would be wise to set up a separate account in which you would maintain adequate funds for regular expenditures (taxes, insurance, maintenance, ...), as well as to build a reserve for future expenses (roof, furnace, ...). Distributions from the account can then be made periodically from the excess. A meeting with an accountant may be advised, as well as consideration given to a managing agent. Your meeting with an attorney can also address whether it may make sense to set up an entity through which to hold and manage the property.