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Annual accounting
- Accounts: The trustee must deliver an annual accounting to (a) all current beneficiaries; and (b) all presumptive remainder beneficiaries. The creator of the trust (called the settlor) can limit the duty to account to presumptive remainder beneficiaries but cannot limit the duty to account to current beneficiaries.
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What is a trustee's duty to account in Illinois?
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What can a trustee do under the Illinois Trust Code?
What happened to the Illinois Trusts & Trustees Act?
What changes have affected trusts in Illinois?
Who should be aware of the changes in Illinois Trust Law?
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.
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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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
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.
Sep 25, 2020 · Illinois has revised its trust laws with a new Trust Code. The new law applies to all trusts. Here are some highlights of the Trust Code: Accounts: The trustee must deliver an annual accounting to (a) all current beneficiaries; and (b) all presumptive remainder beneficiaries.
