HB 1795

Abstract

Amends the Illinois Trust Code. Moves the definitions of "appointive property" and "permissible appointee" from the Trust Decanting Article and the Uniform Powers of Appointment Law to the definitions Section for the entire Code. Makes changes in provisions concerning: definitions; default and mandatory rules; governing law; nonjudicial settlement agreements; representation; representation by holders of certain powers; trust creation; trusts created in other jurisdictions; trusts for domestic animals; modifications to achieve settlor's objectives; creditor claims; revocation by divorce or annulment; directed trusts; the trustee's duty to inform and account; distribution upon termination; life insurance; conversion by agreement; trust decanting; powers of appointment; and applicability. In the Mental Health and Developmental Disabilities Code, changes a cross-reference to the Illinois Trust Code. House Committee Amendment No. 1 Adds reference to: 405 ILCS 5/3-819 from Ch. 91 1/2, par. 3-819 405 ILCS 5/5-105 from Ch. 91 1/2, par. 5-105 750 ILCS 5/513.5 In the Mental Health and Developmental Disabilities Code and the Illinois Marriage and Dissolution of Marriage Act, makes additional changes to cross-references to the Illinois Trust Code. In the Illinois Marriage and Dissolution of Marriage Act, changes a reference to a "special needs trust" to a reference to a "trust for a beneficiary with a disability".