The NEW Illinois Trust Code: A Generation in the Making

Introductory Concepts
Learn how Illinois got a new, comprehensive Trust Code as well as when it will take effect. Understand when the new Code applies to a particular trust as well as which provisions can be overridden in a trust document.
Susan T. Bart, Schiff Hardin LLP, Chicago
Adam M. Damerow, Katten Muchin Rosenman LLP, Chicago
Lauren MacDonald, William Harris Investors, Inc., Chicago
Benjamin Orzeske, Uniform Law Commission, Chicago

Who’s Representing Who?  The Who, What, Where and Why of Representation Under the New Illinois Trust Code
Understand when and for what purposes a representative can act on behalf of and bind a beneficiary.
Jane Ditelberg, Northern Trust, Chicago
Tye J. Klooster, Katten Muchin Rosenman LLP, Chicago

Judicial Modification of Trusts
Learn how trusts can be created, and how and under what circumstances they can be modified and terminated under the new Illinois Trust Code.
Stuart J. Kohn, Levenfeld Pearlstein LLC, Chicago

Notice and Accounting to Beneficiaries
Learn which beneficiaries are entitled to receive accountings and copies of the trust instrument under the new Illinois Trust Code.  Get details about which trusts the new rules apply to, whether the grantor can change these rights in the trust instrument, and what other information the trustee is required to provide to beneficiaries.
Jane Ditelberg, Northern Trust, Chicago
Benetta Y. Park, J.P. Morgan, Chicago

Decanting
Get details about how the new Illinois Trust Code improves the Illinois decanting statute and what potential problems in the old statute it fixes.
Susan T. Bart, Schiff Hardin LLP, Chicago

Creditor Issues
The new Illinois Trust Code codifies the rules as to creditor’s rights to attach beneficial interests of settlors and beneficiaries.   Learn these rules and pick up some drafting tips to protect beneficiaries.  
Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago

Fiduciary Duties and Fiduciary Succession Issues
Understand whether the new Illinois Trust Code imposes new fiduciary duties on trustees or changes any of the existing fiduciary duties.  Learn how the new Illinois Trust Code addresses trustee resignation, removals, and vacancies, as well as the rights and obligations of a trustee who resigns or is removed.
Jane Ditelberg, Northern Trust, Chicago

Prudent Investor Rule and Irrevocable Life Insurance Trusts
Explore the modernizing updates to the familiar Prudent Investor Rule, including consideration of environmental, social and corporate governance factors in prudent investment. Also learn more about modifications to the duties of trustees in the administration of life insurance trusts. 
Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago

Revocable Trusts
Review new statutory provisions consistent with Illinois common law governing revocable trusts and learn about a new statute of limitations applicable to trust contests in the absence of a probated will.
Ryan A. Walsh, Hamilton Thies & Lorch LLP, Chicago

 Important Takeaways…
                          a.       For the Drafters 
Review new statutory provisions consistent with Illinois common law governing revocable trusts and learn about a new statute of limitations applicable to trust contests in the absence of a probated will.
Adam M. Damerow, Katten Muchin Rosenman LLP, Chicago 
Ryan A. Walsh, Hamilton Thies & Lorch LLP, Chicago
                         b.       For the Fiduciaries
Understand what steps fiduciaries (individuals or corporations) should be taking prior to and after the effective date of the New Illinois Trust Code as well as the impact of the Code on how fiduciaries administer trusts.
Benetta Y. Park, J.P. Morgan, Chicago                                   
Rebecca Wallenfelsz, Chapman and Cutler LLP, Chicago

Adjourn