On January 1, 2020, a new Illinois Trust Code (ITC) will become effective, which will have many significant changes regarding the administration of trusts. Illinois is the 34th state to adopt a version of the Uniform Trust Code (UTC), a comprehensive codification of the law on trusts to “provide States with precise, comprehensive, and easily accessible guidance on trust law questions”
The new code will apply to all Illinois trusts. According to the National Law Review, key changes in the new trust code are:
Notice and Designated Representatives
Trusts that become irrevocable on or after January 1, 2020, require that the trustee provide a copy of the trust agreement to all current and presumptive remainder beneficiaries.
Accountings
For trusts that become irrevocable on or after January 1, 2020, a trustee will have to provide annual accountings to current and presumptive remainder beneficiaries.
Illinois Governor Pritzker signed HB 1471 into law on July 12, 2019, giving Illinois new trust laws. With the new ITC, if you have a trust in Illinois, you should review your estate plan and any existing revocable and irrevocable trusts with a qualified attorney to ensure that they conform to the new standards and continue to meet your estate goals and wishes.
If you have a trust under Illinois law, please call or email our trust and estate planning attorneys at Estate and Planning Legal Group in Lombard Illinois to schedule your consultation, 630-800-0112.
