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.


Recent Posts


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