Search results
- Under the ITC, a trustee must follow the prudent investor rule in making investment decisions on behalf of the trust. The ITC permits the trustee to consider environmental, social and governance considerations when making investment decisions.
www.mwe.com/insights/illinois-enacts-new-trust-code-what-fiduciaries-need-to-know/Illinois Enacts New Trust Code: What Fiduciaries Need to Know
People also ask
What is a trustee's duty to account in Illinois?
What happened to the Illinois Trusts & Trustees Act?
What can a trustee do under the Illinois Trust Code?
What is the Illinois Trust Code?
Who should be aware of the changes in Illinois Trust Law?
What laws govern the administration of a trust in Illinois?
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.
- 902KB
- 12
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.
The trustee can pay, contest, prosecute, or abandon claims, settle a claim or charge for or against the trust, and release a claim belonging to the trust. . The trustee can pay taxes, assessments, and the compensation of agents of the trust incurred during trust administration. . The trustee can made Federal, State, and local tax elections. .
A trustee is required to provide notice, to all current beneficiaries and all presumptive remainder beneficiaries, in five different circumstances: (a) when a trust becomes irrevocable, (b) when there is a new trustee or a change in the trustee’s contact information, (c) when a trustee resigns, (d) when a trustee is changed, or (e) when there is...
- 355KB
- 3
Jul 15, 2019 · A trustee is required to provide notice, to all current beneficiaries and all presumptive remainder beneficiaries, in five different circumstances: (a) when a trust becomes irrevocable, (b) when there is a new trustee or a change in the trustee’s contact information, (c) when a trustee resigns, (d) when a trustee is changed, or (e) when there ...
Feb 3, 2020 · The term includes the trustee and any fiduciary, other than a settlor, that has discretion to distribute or direct a distribution of part, or all, of the trust’s principal (such as a distribution director, trust protector or court appointed fiduciary).
Aug 22, 2019 · The newly enacted Illinois Trust Code will have significant impact on how trusts are administered in the state. Many of the Code’s provisions follow the Uniform Trust Code already enacted in 33 other states, and includes requirements for notices, beneficiary/trustee relationships, and more.
