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This law imposes certain duties on trustees (see chart below). Language in your trust can modify some of these provisions, but not others. This document contains a highly detailed analysis of the rules, what you can change, what you cannot change, and what to do when you become a trustee. Important terms to know:
(15) pay taxes, assessments, compensation of the . trustee and of employees and agents of the trust, and other expenses incurred in the administration of the trust; (16) exercise elections with respect to federal, state, and local taxes; (17) select a mode of payment under any employee
This Alert covers some of the new rules that apply to trustees. The ITC codifies the familiar duties of trustees, including the duty of loyalty, the duty for prudent administration, and the duty to account. Previously, these duties and their scope were a product of court decisions and treatises.
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For trustees and beneficiaries, the new provisions of the ITC provide some flexibility to address irrevocable trusts whose circumstances have changed significantly.
760 ILCS 5/11 Trustee is required to provide accounting (at least annually) to current income beneficiaries, and to remainder beneficiaries at the termination of the trust. Except for certain actions of the trustee, there is no statutory duty of notice or duty to inform.
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The new Illinois Trust Code changes the scope of that duty, however, in a number of significant ways. The changes include: 1) Who is entitled to receive the accounting; 2) What the accounting must include; 3) When and on what conditions an accounting can be waived.
People also ask
What can a trustee do under the Illinois Trust Code?
What is a trustee's duty to account in Illinois?
What happened to the Illinois Trusts & Trustees Act?
Is a trustee required to provide an accounting?
What changes have affected trusts in Illinois?
What are the duties of a trustee in a trust?
As of January 1, 2020, the Illinois Trusts and Trustees Act is no more. The Illinois Trust Code (ITC) now governs the obligations of trust fiduciaries and rights of beneficiaries, and its modifications to prior law have significant implications for trust preparation and administration.
