Serving as a trustee of a trust in Illinois is a significant responsibility, but it’s also a position that comes with specific rights designed to help you fulfill your duties effectively and legally. Whether you’re managing a family trust or overseeing an estate plan, understanding your rights as a trustee of a Trust in Illinois can help you avoid legal pitfalls and carry out your obligations confidently.
1. Right to Compensation
Illinois law allows trustees to receive reasonable compensation for their services, unless the trust document specifically states otherwise. This compensation can vary depending on the complexity and size of the trust and the time involved in managing it.
2. Right to Reimbursement
As a trustee, you’re entitled to be reimbursed for expenses reasonably incurred while administering the trust. This includes legal fees, accounting costs, and other necessary expenses.
3. Right to Rely on Professional Advice
Trustees are not expected to be legal or financial experts. You have the right to consult with attorneys, accountants, or investment advisors and rely on their guidance, provided you do so in good faith.
4. Right to Clarity on Trust Terms
You have the right to seek judicial interpretation if the terms of the trust are ambiguous or if there’s a dispute about your powers. This helps protect you from liability and ensures you’re acting in accordance with the trust’s intent.
5. Right to Defend Against Claims
If beneficiaries challenge your decisions or accuse you of breaching your duties, you have the right to defend yourself. The trust may even provide for payment of legal fees from the trust assets in certain cases.
Understanding these rights helps ensure that you, as a trustee, can manage the trust responsibly while protecting yourself. When in doubt, don’t hesitate to consult a qualified Illinois trust attorney to help guide you through your role.
