Illinois legislature enacted a complete revision of the Illinois trust laws that will go into effect January 1, 2020. The new Illinois Trust Code (ITC) is part of a larger movement to make laws governing trusts more uniform from state to state.
The changes in the ITC are extensive and include the addition of certain duties to provide notices and accountings to trust beneficiaries. To postpone the application of some of the new ITC requirements, estate planning documents should be signed by year-end.
We also recommend that current estate planning documents be reviewed to determine how the new ITC may affect your plan’s implementation and administration, and if any changes should be made before year-end.
To determine if your documents need updating, please contact Andrew Kelleher or David Buckley at 847-382-9130 or via email at email@example.com.