What is a Trustee Chicago Illinois

Updated July 22, 2015
What is a Trustee Chicago illinois
A trustee of a trust is a legal entity who has been given authority to administer property for the benefit of beneficiaries. There may be more than one trustee, as is directed by the trust document itself, such as co-trustees. The property being administered may be anything from real estate to stocks and bonds. Generally these assets are placed into a trust for the protection and benefit of the beneficiaries. Generally it is income producing producing property, but can also be non-income producing.
Any legal entity can be a trustee such as a person or a company such as a bank.
The main function of a trustee is to protect the property of the trust for the beneficiaries as is defined in the trust document. Misappropriation or misuse of the property held in trust can result in legal action by the beneficiary against the trustee.
Proper accounting for trusts is one of the main protections for any trustee. If the accounting or tax returns have been completed incorrectly, whether the trustee has been remiss in their duties or not, they may face legal action. It is much more difficult to prove one’s innocence, than to not have their actions questioned in the first place.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.