Learn whether the Illinois Trust Code imposes new fiduciary duties on trustees or changes any of the existing fiduciary duties and how the Illinois Trust Code addresses trustee resignation, removals, and vacancies, as well as the rights and obligations of a trustee who resigns or is removed.
Learn important takeaways for both the drafters and the fiduciaries. For the Drafters - Review common trust provisions impacted by the Illinois Trust Code and trust drafting tips. For the Fiduciaries - Understand what steps fiduciaries (individuals or corporations) should be taking prior to and after the effective date of the Illinois Trust Code as well as the impact of the Code on how fiduciaries administer trusts.
Learn which beneficiaries are entitled to receive accountings and copies of the trust instrument under the Illinois Trust Code. Get details about which trusts the 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.
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.
On July 12, Governor Pritzker signed Illinois House Bill 1471 into law, creating the brand-new Illinois Trust Code. This legislation will have huge impacts on Illinois estate planners’ practices. Learn everything you need to know about this new law from the committee that drafted it!