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Sec. 16.1. Virtual representation. (a) Representation by a beneficiary with a substantially similar interest, by the primary beneficiaries and by others. (1) To the extent there is no conflict of interest
8 maj 2021 · B. Does virtual representation allow a parent to represent a minor or unborn child? Yes1 Yes1 Yes; but a parent cannot represent the child to terminate or modify the trust if the parent is the settlor1 Yes1 C. Does an agent under the power of attorney have the authority to represent the principal? Yes2 Yes2 Yes2 Yes2 D. Does virtual ...
Article 1 - General Provisions and Definitions. Article 2 - Judicial Proceedings. Article 3 - Representation. Article 4 - Creation, Validity, Modification, and Termination of Trust. Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts. Article 6 - Revocable Trusts. Article 7 - Office of Trustee.
CHANGES TO LAW. The ITC introduced many new changes to the law from the old Illinois Trusts and Trustees Act. One of the most significant changes is evident in Sections 813.1 and 813.2 regarding the duty to inform and account.
A virtual representation agreement can also be used to convert a trust to a total return trust by agreement in accordance with the total return trust provisions of Subsection (b) of the Act.
If continuation of a trust for a certain term or for life is material to the trustmaker, the trust instrument should reflect that purpose. In addition, if creditor protection is a material purpose in the creation of a trust for a beneficiary, the trust agreement should also reflect this purpose.
The Illinois statute permits interested persons to enter into written agreements outside of court regarding certain provisions involving a trust instrument. Agreements effectuated under the Illinois Virtual Representation Statute will be binding upon the beneficiaries as if ordered by a court.
