DGAA bLAWg

How Does the Illinois Trust Code Affect Trustees and Beneficiaries?

Web Admin - Wednesday, September 25, 2019
Long Grove estate planning lawyer Illinois Trust CodeMany people utilize trusts to protect and manage their assets and ensure that these assets are properly distributed to their beneficiaries either before or after their death. However, the laws regarding trusts are changing. Effective January 1st, 2020, the Illinois Trust Code (ITC) will be replacing the current Illinois Trusts and Trustees Act. The ITC is linked in certain ways to the Uniform Trust Code (UTC), which is an arrangement of laws designed to establish consistent trust laws between different states. Before the ITC is implemented, trust makers and trustees may need to review their current trusts and determine how the changes to the law may affect them. 

New Default and Mandatory Rules


When a person creates a trust, they place their assets in the control of a trustee, who will oversee the process of managing these assets and distributing them to the beneficiaries according to the terms defined in the trust. The ITC specifies a number of rules that must be followed regarding trusts. While a trust may provide a trustee and beneficiaries with certain rights, powers, duties, limitations, and immunities, the ITC states that:

- A trustee must act in good faith.
- The trust must be lawful and cannot violate public policy.
- A trust may nominate one or more people to serve as the designated representative of a qualified beneficiary, and this representative must act in good faith in the best interests of the beneficiary.
- A trust may not be enforced for more than 21 years.
- The court is granted the power to modify or terminate a trust.
- Spendthrift provisions can be authorized by the court.
- A person who is acting as an agent in a power of attorney must have express authorization in order to act on behalf of a trust settlor. 
- The court may adjust the compensation provided to a trustee if it is deemed to be too high or low.
- A trustee must notify each qualified beneficiary of the trust’s existence, the beneficiaries’ right to a copy of the trust, and whether the beneficiary can receive or request trust accountings. 
- A trustee must send an annual trust accounting to the current beneficiaries.
- A trustee must send a trust accounting to all of the beneficiaries upon the termination of a trust.
- If a trust contains terms waiving a trustee’s liability for breaching the terms of the trust, these terms may be unenforceable.

Contact a Schaumburg Estate Planning Lawyer


The ITC may have significant implications for currently-established trusts, as well as for trusts that are created in the future. Before the ITC is enacted, discussing your questions and concerns with an experienced Arlington Heights trusts attorney could help ensure that your rights as a trustee or beneficiary are protected. At Drost, Gilbert, Andrew & Apicella, LLC, we can help you address any legal issues related to trusts, or we can help you create a trust to protect your assets and distribute them to your beneficiaries. To further discuss your specific situation, contact our office today at 847-934-6000 for a free initial consultation.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Sources:
http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=4001&ChapterID=61


Recent Posts


Tags

Chicago attorney car accident overtime pay cell phone tower data car crashes slip and fall Crystal lake insurance dispute attorney Buffalo Grove medical malpractice lawyers Chicago insurance claim attorneys Barrington boating accident attorney commercial real estate Rolling Meadows medical malpractice lawyers Schaumburg elder law lawyer POA guardianship attorney breathalyzer test car accident lawyer Barrington drug crime attorney small business Palatine estate planning lawyer gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Rolling Meadows criminal attorney Inverness traffic law firm Policy Cancellation Crystal Lake medical malpractice law firm compensatory time pet law low-ball insurance settlement trucking accidents cell phone accidents Palatine employment attorney Barrington litigation attorney food poisoning DUI penalities premises liability hiring employees unauthorized overtime Schaumburg personal injury attorney living trust benefits insurance negligence license revocation manufacturing civil rights violation Des Plaines criminal attorney Illinois insurance dispute lawyers Crystal Lake injury attorney traffic deaths overtime violations Illinois speeding lawyer Arlington Heights employment attorney products liability insurance agent negligence caretaker rights healthcare employment law Schaumburg criminal attorney Buffalo Grove personal injury attorney dealing with problem employees caregiver Chicago estate planning insurance claim Rolling Meadows drug defense attorney traffic accidents eluding a police officer GM ignition switches unfunded trust Illinois workers compensation lawyer Illinois probate lawyer Illinois collections attorney FSLA Rolling Meadows insurance attorney probate claims process estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers power of attorney marijuana crimes attorney Palatine law firm IRS Arlington Heights personal injury lawyer Illinois workplace discrimination attorney suspended license distracted driving accidents driving taxes Arlington Heights trucking lawyer Palatine punch death Schaumburg corporate attorney Rolling Meadows insurance dispute lawyers, insurance dispute Illinois medical malpractice claim landlord in terrorem provision Crystal Lake car accident attorney Rolling Meadows employment law attorneys Illinois wills and trusts attorneys installment contracts Arlington Heights car crash attorneys pain and suffering employment contract vacation home PTSD Palatine trusts lawyer digital media accounts, estate planning, Arlington Heights estate planning attorney, Illinois traffic attorney BAIID Arlington Heights lawyer Arlington Heights insurance attorney Illinois jet ski accident lawyer Illinois motorcycle accident lawyer Illinois personal injury lawyers Illinois bicycle safety Schaumburg estate attorney Rolling Meadows employment attorney Crystal Lake pedestrian accident lawyer employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Chicago trucking accident attorney Barrington Traffic Lawyer Des Plaines accident attorney underage DUI BUI Illinois workers compensation attorney Schaumburg construction accident lawyer Long Grove real estate attorney speeding Des Plaines civil attorney Barrington estate planning attorney trauma after an accident IRA benefits traffic violations brain injury Thanksgiving Barrington employment law firm right to work medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Arlington Heights real estate lawyer preventing accidents Long Grove wills and trusts attorneys criminal law operating agreements pedestrian accident Illinois workplace lawyer estate planning lawyer Illinois medical malpractice lawyers Barrington medical malpractice lawyers Illinois Probate Act of 1975 real estate attorneys Arlington Heights TBI attorney School Visitation Rights Act license reinstatement drunk driving employment lawyer Arlington Heights car accident lawyer jet ski accidents underfunded trust Buffalo Grove insurance claim dispute lawyers Buffalo Grove traffic attorney Inverness accident lawyer Family Medical Leave Act estate planning for college students Rolling Meadows insurance lawyer Illinois medical malpractice attorney Schaumburg estate planning attorney dog bites Palatine corporate law attorneys Inverness DUI lawyer real estate zoning home inspection lawyer Crystal Lake will lawyer Barrington attorney Des Plaines pet law attorney real estate Des Plaines personal injury lawyer senior citizens Illinois injury lawyer Kenilworth estate planning lawyer Palatine real estate lawyer personal injury claim sexual images life insurance lawyer special needs trust independent contractor Buffalo Grove real estate attorney appealing an insurance claim wage theft Food and Drug Administration's Food Safety Modernization Act Schaumburg license Illinois DUI attorney Illinois mortgages Rolling Meadows employment law attorney Illinois estate planning loopholes South Barrington real estate attorney Chicago employment attorney Rolling Meadows traffic law firm Buffalo Grove traffic lawyers IRELA auto accidents insurance agents Chicago biking tips car accident lawyers employment law, Illinois employment laws Barrington personal injury attorney bicycle dooring accidents landlord tenant law Arlington Heights employment law attorneys insurance claim denials Crystal Lake traffic lawyer trench injuries workers comp Des Plaines motorcycle accident attorney Palatine Attorney real estate closing Long Grove estate planning meal breaks insurance claims rumble strips Illinois living will uninsured motorist Barrington civil litigation attorney Deer Park personal injury lawyer natural gas explosion healthcare claims income distribution deducation employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys Kenilworth estate planning attorneys Palatine insurance lawyer Schaumburg real estate lawyer natural gas Rolling Meadows estate planning attorney Attorney Ken Apicella Des Plaines Traffic Lawyer Arlington Heights criminal lawyer Crystal Lake employment attorney mass shooting elder abuse Des Plaines drug crimes lawyer llinois Real Estate Lawyers Association insurance claim denial Schaumburg drug defense lawyer Palatine corporate attorney Crystal Lake tax lawyer estate planning Arlington Heights traffic attorney Mount Prospect real estate lawyer Rolling Meadows real estate attorney Illinois tax attorney Illinois civil litigation lawyer institutional trustee traumatic brain injury Illinois insurance claim dispute lawyers commercial leases agent product liability Arlington Heights wills and trusts attorneys residential real estate boating accidents Crystal Lake employment lawyer Barrington injury attorney Crystal Lake criminal defense attorney subcontractor Illinois insurance lawyer Crystal Lake traffic attorney condo association Palatine elder law attorney jet ski problem employees Forcible Entry contracts Home Sale Contingencies life insurance policy Barrington Illinois estate planning lawyer whistleblower protections mortgage spinal cord injury Inverness injury lawyer financial advisors Schaumburg employment attorney attorney fees Des Plaines injury law firm Chicago employment lawyer sexual harassment DNR Colin H. Gilbert insurance dispute attorney golf accidents Rolling Meadows boating crash lawyer traffic offenses Rolling Meadows personal injury lawyers insurance adjusters revenge porn Deer Park accident attorney unpaid assessment drug possession pedestrian-automobile accident insurance denial appeals federal regulations for LLCs Illinois business law atorneys ObamaCare Illinois job attorney Illinois employment lawyer preventable medical errors unpaid overtime workplace sexual harassment personal injury attorney rollover car crashes construction accidents insurance dispute Schaumburg injury lawyer personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys boating under the influence IRA trust transfer Rolling Meadows car accident lawyers wills Arlington Heights Traffic Lawyer criminal defense marijuana holiday statistics wills and trusts Crystal Lake medical malpractice attorneys Barrington criminal defense lawyer Barrington real estate lawyer Rolling Meadows DUI lawyer Do Not Resuscitate Illinois business lawyer trustee Chicago will attorney estate plan drug crimes drug crimes lawyer commercial leasing health insurance dispute Crystal Lake pet attorney Barrington personal injury lawyer Illinois elder law attorney Arlington Heights accident attorney Arlington Heights wills and trusts lawyer Crystal Lake personal injury attorney Detainer Actions Mount Prospect wills and trusts lawyers college kids Long Grove real estate lawyer probate lawyer Arlington Heights Attorney construction contracts Buffalo Grove personal injury lawyer Illinois car accident attorney Buffalo Grove corporate attorney Illinois employment law automated cars medication errors Palatine civil attorney Legal Info Illinois law Crystal Lake bike accident lawyer pay when paid contract Rolling Meadows Illinois lawyer Rolling Meadows probate lawyer Palatine drug lawyer Chicago estate planning lawyer Barrington business law firm Schaumburg employment law attorneys Rolling Meadows business lawyer probate Palatine employment lawyer tax attorney Schaumburg criminal law attorney Crystal Lake business law attorneys Palatine criminal defense lawyer Barrington estate planning lawyer Illinois construction accident attorney Barrington workers compensation attorney Illinois personal injury lawyer civil litigation attorney disability benefits Des Plaines insurance attorney South Barrington real estate lawyer Riverwoods estate planning lawyer real estate attorney rollover accidents Crystal Lake medical malpractice lawyer Transfer on Death Instrument living wills DUI defense probate process Illinois LLC creation anesthesia errors wrongful termination Des Plaines drug lawyer defective products liability claims Illinois small business boating DUI employment attorney Des Plaines claims law firm Arlington Heights pedestrian accidents privacy laws Illinois employment law attorneys DMV Illinois Wage Payment and Collection Act pet bites trucking accident lawyers Illinois red light cameras Illinois Trust Code Deer Park motorcycle accident lawyer Buffalo Grove law firm traffic crimes license suspension Schaumburg Attorney work unions wrongful death deed transfer power of attorney for healthcare creditors Illinois employee rights attorney. comp time Landlord Tenant Ordinance foreclosed rental property Affordable Care Act Inverness real estate lawyer DUI attorney Employment Discrimination Law motorcycle accident lawyer elder law blended families Crystal Lake personal injury lawyer Crystal Lake civil litigation lawyer medical malpractice claims Illinois personal injury Illinois Transfer on Death Instrument severance agreements vacation home fines Kenilworth estate planning attorney Rolling Meadows litigation lawyer Inverness insurance attorney pregnant women Illinois criminal defense attorney job lawyers civil litigation corporate law Illinois insurance claim attorney Arlington Heights estate planning attorney Illinois personal injury attorney head on collisions Inverness estate planning lawyer Illinois insurance claims lawyers ken apicella crossover accidents Chicago traffic lawyer bad faith insurance claims Crystal Lake employment law attorney medical malpractice compensation Deer Park workers compensation lawyer Des Plaines first degree murder Palatine personal injury lawyer traffic tickets Arlington Heights personal injury attorney truck collisions Super Mario fatal car accidents Rolling Meadows tax attorney Illinois pet lawyer foreclosure Buffalo Grove car accident lawyer involuntary manslaughter pedestrian injuries, pedestrian fatality Buffalo Grove criminal defense lawyer murder defense drug crime Rolling Meadows marijuana attorney blood alcohol content dynasty trusts defective products lawyer Self-Directed IRA Accounts employee discrimination Chicago insurance law firm CAM Crystal Lake accident attorney Mount Prospect elder law attorney insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys consent to a search owner responsibility Fair Labor Standards Act car accidents Illinois rollover accident lawyers insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys Exclusions Palatine construction attorney medical research car crash employee misclassification Inverness probate lawyer TBI Illinois Workers’ Compensation Commission Arlington Heights injury attorney Illinois insurance disputes Palatine workers compensation lawyer changes to mortgage law child safety LLCs murder texting while driving pizza emoji Schaumburg medical malpractice lawyer estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, insurance claim delay hit and run accident field sobriety test Fourth of July motorcycle accident personal injury accidents Schaumburg wrongful death attorney Rolling Meadows Traffic Lawyer personal injury lawyer Buffalo Grove probate lawyer Liquor Control Act Long Grove estate planning attorney Schaumburg personal injury lawyers liability no contest clauses filing a medical malpractice claim Illinois real estate lawyer expungement rent to own real estate contracts construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Schaumburg probate attorney living trust icy parking lots Rolling Meadows traffic attorney Illinois driving without license Crystal Lake estate planning lawyer car collision digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers real estate lawyer fiduciary rule personal injury law firm Joliet general practice lawyers DUI wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace Deer Park DUI lawyer cell phone surgical mistakes Des Plaines medical malpractice attorney Rolling Meadows insurance dispute lawyers ACA Inverness civil lawyer Deer Park criminal attorney estate planning trusts Illinois estate planning law firm Illinois employment attorneys digital evidence Palatine injury attorney medical malpractice startup company digital information Illinois employment laws Illinois trusts attorney DGAA Illinois insurance attorney comparative negligence Des Plaines tax law firm new real estate form Illinois Sales Representative Act Palatine probate lawyer Illinois traffic ticket lawyer Illinois corporate lawyer Arlington Heights wills and trusts lawyers digital assets Rolling Meadows personal injury lawyer Schaumburg personal injury lawyer Illinois Illinois real estate Schaumburg car accident attorney denied insurance claim Palatine business attorney Long Grove estate planning attorneys nursing home negligence murder charges accidental death benefits workers compensation benefits Schaumburg insurance lawyers Inverness personal injury attorney sole proprietorship Illinois will lawyer forming a corporation in Illinois Deer Park employment law attorney Illinois wrongful termination lawyer capital gains tax Arlington Heights medical malpractice lawyer personal injury Palatine civil litigation lawyer Palatine employment law lawyer Illinois traffic attorneys employee rights Illinois employment law firm liens clemency Chicago corporate attorney drunk driving statistics personal injury claims estate tax probate fees Barrington employment law attorney irrevocable trust Deer Park traffic accident attorney texting and driving Illinois registered agent traffic violations defense denied insurance claims Crystal Lake car accident lawyer Des Plaines real estate attorney Illinois trucking safety Buffalo Grove employment lawyer Des Plaines personal injury lawyers Schaumburg traffic lawyer Illinois Human Rights Act investment property trusts Barrington employment attorney trust payments condo Chicago lawyer business litigation Illinois employment law attorney traumatic brain injuries bicycle accidents swimming pools Colin Gilbert distracted driving accident victims Crystal Lake insurance lawyer Federal Food Drug and Cosmetic Act Des Plaines real estate lawyer insurance disputes Palatine traffic accidents Illinois insurance claim dispute lawyer Arlington Heights wills and trusts attorney Illinois pedestrian accident attorney advance healthcare directive slip and fall accidents Rolling Meadows personal injury attorney real estate leasing insurance denials Illinois traffic accident lawyer Buffalo Grove injury lawyer employees Des Plaines personal injury attorney Mt Prospect Attorney Inverness real estate attorney privacy probate claims Chicago car accident lawyer Deer Park medical malpractice attorney dram shop law Illinois defective products attorney back injuries pedestrian accidents insurance claim dispute attorney Deer Park real estate law firm breach of contract loss of consortium FMLA estate planning attorney Home Remodeling Repair Act paid sick leave Chicago will attorney, social media platforms, Illinois estate planning lawyer, fiduciary rule delay Inverness corporate attorney Illinois home inspection Illinois attorney Palatine traffic lawyer Whistleblower Claims underinsured motorist internet Rolling Meadows corporate lawyer Illinois medical malpractice case gift taxes hands free device estate attorney Class A misdemeanor criminal Des Plaines collections attorney car crash injuries spinal cord injuries Schaumburg civil litigation attorney Illinois boating accident lawyer real estate contract minimum wage rest breaks Schaumburg estate planning lawyer medical marijuana life insurance modern family estate planning BAC insurance attorney Retaliatory Discharge fault based insurance insurance claim dispute Illinois Smoke Detector Act traffic laws Jay Andrew homestead rights Des Plaines DUI attorney deadly crashes bike accident Barrington criminal lawyer Illinois estate planning attorney Deer Park traffic lawyer denial of life insurance Inverness elder law lawyer federal crimes Arlington Heights tax lawyer controlled substance social media after death Rolling Meadows accident lawyer life insurance claims Crystal Lake law firm Rolling Meadows criminal lawyer living trust vs will Illinois wills and trusts criminal record workers compensation Rolling Meadows Attorney reckless homicide Illinois traffic laws drugs

Archive