Legal Question in Real Estate Law in Illinois

The grantor is the person who conveys property to the land trust. The trustee is the person who receives the property into trust and holds it for the beneficiaries. The trust agreement, plus applicable law, governs the trustees duties. An institutional land trustee (such as Chicago Title Land Trust Company) has insurance against errors and omissions. An individual trustee would have to purchase that insurance separately. It is not required by law unless you are an institutional trustee; it is a wise thing for an individual trustee to have.