Peter B. Allport, Nicole K. Mann, Jared R. Cloud and Margaret Elizabeth Sanne, of McDermott Will & Emery, have published an article discussing the new trust code enacted by Illinois. Their article, begins as follows:
Effective January 1, 2020, the new Illinois Trust Code (ITC) will replace the Illinois Trusts and Trustees Act, ushering in several changes of note for fiduciaries. In light of the ITC, fiduciaries and estate planners should review existing revocable and irrevocable trusts and revisit their regular trust administration procedures to ensure that they conform to the new standards when applicable.
Their article addresses the following topics:
- Silent Trusts and the Designated Representative.
- Dueling accounting standards.
- New considerations for the prudent investor rule.
- Fewer restrictions on delegation.
- invalidity of exculpatory clauses in certain situations.
- shortened limitations periods.
To see full article, click: Illinois Enacts New Trust Code: What Fiduciaries Need to Know – McDermott Will & Emery
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.