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1. generationlaw.com › wp-content › uploadsILLINOIS TRUST CODE WHAT YOU NEED TO KNOW AS TRUSTEE

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   what you need to know as trustee The Illinois Trust Code applies to the operation of Trusts in Illinois after January 1, 2020. This law imposes certain duties on trustees (see chart below).

2. www.chapman.com › media › publicationThe New Illinois Trust Code: What It Means for Trustees and ...

   www.chapman.com › media › publication

   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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3. cdn.northerntrust.com › pws › ntExamining the New Illinois Trust Code - Northern Trust

   cdn.northerntrust.com › pws › nt

   CHANGES TO LAW. The ITC introduced many new changes to the law from the old Illinois Trusts and Trustees Act. One of the most significant changes is evident in Sections 813.1 and 813.2 regarding the duty to inform and account.

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4. law.justia.com › codes › illinoisArticle 8 - Duties and Powers of Trustee :: 2019 Illinois ...

   law.justia.com › codes › illinois

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   Sec. 804. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.

5. www.ltwlaw.com › trustee-duties-and-liabilitiesTrustee Duties and Liabilities in Illinois & Texas

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   Understanding trustee duties and liabilities is critical to a successful trust. Breaches of their duties can lead to financial harm. Contact us to learn more.

6. www.thompsoncoburn.com › insights › publicationsWhat the new Illinois Trust Code means for trustees and ...

   www.thompsoncoburn.com › insights › publications

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   Aug 22, 2019 · The Code will apply to all trusts governed by Illinois law beginning on January 1, 2020. Most of the new Code is elective in that the creator of a trust (the “settlor”) can override the provisions of the Code in the trust instrument. However, certain provisions of the Code may not be overridden.

7. People also ask

   What can a trustee do under the Illinois Trust Code?

   • that a trustee has under the Illinois Trust Code: The t ee can collect, accept, or reject trust property. The trustee can buy or sell trust pro y for cash or credit, at private or public sales. he trustee can change the type of trust property. The trustee can deposit

   ILLINOIS TRUST CODE WHAT YOU NEED TO KNOW AS TRUSTEE - Gen…

   generationlaw.com/wp-content/uploads/2023/04/GenLaw-New-Illinois-Trust-Code-What-You-Need-to-Know-4-5-23.pdf

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   What is the Illinois Trusts & Trustees Act?

   • Its precursor was the Illinois Trusts and Trustees Act. The ITC was developed primarily to reflect the Uniform Trust Code (UTC) in its terminology, structure and number-ing system. As of 2019, 33 states along with the District of Columbia have adopted some version of the Uniform Trust Code.

   Examining the New Illinois Trust Code - Northern Trust

   cdn.northerntrust.com/pws/nt/documents/wealth-management/examining-new-illinois-trust-code.pdf

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   What is a trustee's duty to account in Illinois?

   • Under previous Illinois law (the Illinois Trusts and Trustees Act), the duty to account was codified, but was very basic: a trustee must provide an accounting, at least annually, to current income beneficiary(ies). The trustee must also provide an accounting to the remainder beneficiaries at the termination of the trust.

   The New Illinois Trust Code: What It Means for Trustees and ... - Chapman

   www.chapman.com/media/publication/933_Chapman_Illinois_Trust_Code_for_Trustees_071519.pdf

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   What are the duties of a trustee in a trust?

   • Sec. 801. Duty to administer trust. Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its purposes and the terms of the trust, and in accordance with this Code. (Source: P.A. 101-48, eff. 1-1-20.) Sec. 802. Duty of loyalty. instrument or applicable law;

   Article 8 - Duties and Powers of Trustee - Justia Law

   law.justia.com/codes/illinois/2019/chapter-760/act-760-ilcs-3/article-8/

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   What laws govern the administration of a trust in Illinois?

   • Section 107: Unless otherwise Governing provided for in the trust Law instrument, the laws of the State of Illinois govern the administration of a trust while the trust is administered in Illinois. 760 ILCS 5/2 (2) The principal place of administration is the state in which the trustee is located and administering the trust.

   Examining the New Illinois Trust Code - Northern Trust

   cdn.northerntrust.com/pws/nt/documents/wealth-management/examining-new-illinois-trust-code.pdf

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   Who should be aware of the changes in Illinois Trust Law?

   • Trustmakers (the creator or settlor of a trust) and their advisers should also be aware of these changes. Under previous Illinois law (the Illinois Trusts and Trustees Act), the duty to account was codified, but was very basic: a trustee must provide an accounting, at least annually, to current income beneficiary(ies).

   The New Illinois Trust Code: What It Means for Trustees and ... - Chapman

   www.chapman.com/media/publication/933_Chapman_Illinois_Trust_Code_for_Trustees_071519.pdf

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8. www.chapman.com › publication-Illinois-Trust-CodeThe New Illinois Trust Code: What It Means for Trustees and ...

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   Aug 19, 2019 · The ITC includes a provision, new to Illinois, that identifies the general scope of a trustee’s authority. The ITC also expands the list of statutory powers given to a trustee, including expanding its borrowing and lending powers and permitting it to refuse certain assets.