New Illinois Trust Code

  • Estate Planning
  • Trusts
Laws: New Illinois Trust Code | Mario Godoy | Lombard Estate & Probate Lawyer

Governor Pritzker signed HB 1471, giving Illinois new trust laws as of January 1, 2020. The Illinois Trust Code (ITC) repeals many of Illinois’ current trust statutes. The Code will apply to all Illinois trusts effective January 1, and “will have a significant impact on how trusts are administered in Illinois and on trusts (especially revocable trusts) that are now in existence,” according to JDSupra. Illinois trustees, trust grantors and trust beneficiaries should consult an experienced estate and trust lawyer to determine how the new tax law impacts their trust.

Adopting a New Code

Illinois is the 34th state to adopt a version of the Uniform Trust Code (UTC). The UTC is a comprehensive codification of the law on trusts to “provide States with precise, comprehensive, and easily accessible guidance on trust law questions” by the National Conference of Commissioners on Uniform State Laws. The UTC is designed as a template to establish uniform trust laws among states, including, the creation, validity and modification of trusts, rights of certain parties with respect to beneficial interests and creditors, trust administration, trusteeship and trustee powers.

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, 630.382.8073.