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- Under the ITC, a trustee must provide accountings, at least annually to (a) all current beneficiaries, that is any beneficiary who could receive a distribution at that time or any beneficiary who holds a presently exercisable general power of appointment, and (b) all presumptive remainder beneficiaries (which is a term defined by the ITC).
www.chapman.com/media/publication/933_Chapman_Illinois_Trust_Code_for_Trustees_071519.pdfThe New Illinois Trust Code: What It Means for Trustees and ...
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Previously, trustees had to provide accountings and information directly to all existing income beneficiaries who were not under a legal disability. Now, a settlor may include a provision directly in the trust instrument in which they: waive the trustee’s duty to provide accounts and information about the trust to beneficiaries under 30, and
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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). Language in your trust can
Effective January 1, 2020, the Illinois Trust Code replaced the Illinois Trusts and Trustees Act. One of the biggest areas of change involves the duty of a trustee to provide an accounting. One of the hallmarks of the fiduciary duty that applies to the trustees of a trust (and to other fiduciaries) is the duty to provide an accounting.
Jul 15, 2019 · 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.
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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Trustee’s duty to provide a trust accounting annually to “current beneficiaries”, which may include additional beneficiaries beyond simply the current income beneficiaries.
Aug 22, 2019 · The Code specifically relieves a trustee of the duty to inform the beneficiaries in advance of transactions relating to trust property. So, for example, if a trustee determines to sell a piece of real estate or closely-held business interest owned by the trust, the trustee does not need to notify the beneficiaries in advance of making the sale.
