Fixing Problem Trusts Through the Illinois Trust Code

Problem trusts can become even more problematic when they involve incapacitated grantors, non-existent trustees, and disabled beneficiaries. What do you do when you are administering an outdated trust, a poorly drafted trust, a trust that no longer serves its intended purpose, a trust whose cost of administration outweighs the benefit, or a trust that doesn’t meet the needs of its beneficiaries? This session highlights options available in the Illinois Trust Code to fix a problem trust, including decanting, virtual representation, and non-judicial settlement agreements. Originally presented as part of the Elder Law Short Course 2023.