As we continue to shelter at home and as we slowly resume our daily activities it may be a good idea to confirm that your estate plan is in order. It could bring you peace of mind to confirm your Will, Trust, Power of Attorney for Property and Power of Attorney for Health Care are up to date. Recent changes in the law may warrant reviewing your existing estate plan to confirm it meets your current needs and desires. One example is the new Illinois Trust Code.
The Illinois General Assembly adopted the Illinois Trust Code effective January 1, 2020. The new Trust Code codifies much existing case law in Illinois while updating and revamping many provisions dealing with the administration of trusts in Illinois. If you have utilized a Revocable Declaration of Trust in your estate planning, it is advisable that you consider reviewing your existing documentation to ascertain whether any changes or amendments to your estate plan may be warranted. The Illinois Trust Code replaces the old Illinois Trusts and Trustees Act which governs the administration of trusts in Illinois. Among other items, there are significant updates and revisions impacting the following:
1. Powers of Attorney and how these powers may impact one’s trust.
2. A trustee’s duty to notify and account to income beneficiaries and remainder men.
3. Potential liability for those serving as Trustee and exoneration provisions.
4. Delegation of authority by a trustee
An estate plan should be periodically reviewed but especially if there is any significant change in existing law or the lives of the Grantor or beneficiaries (i.e. marriages, births, deaths, financial circumstances, special needs, capacity to act, etc.).
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