On January 1, 2020, a new Illinois Trust Code replaced the then-existing Illinois Trusts and Trustees Act. The new Code introduced various changes which affected beneficiaries’ rights, trust preparation and administration, and the obligations of trust fiduciaries. With certain limited exceptions, the new Illinois Trust Code applies to all trusts created before, on or after the effective date.
These changes meant that all Illinois trust documents currently in place should be reviewed to make sure that they are in compliance with the new Code provisions, while all new Illinois trusts must be drafted to comply with the Code. If you have a “silent trust” in place at the present time, or are considering having one prepared, it is important that you speak to the knowledgeable Hillside, IL trust attorney from Law Office of Vincent C. Machroli, P.C..