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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.
The ITC maintains many of the same statutory rules regarding the matters that can be addressed by an NJSA: (1) interpretation or construction of a trust, (2) modification of the administrative terms of a trust, (3) a change in the governing law or place of administration of a trust, and (4) resolution of disputes, etc. .
On July 12, 2019, Governor Pritzker signed HB 1471, creating the Illinois Trust Code (ITC). The ITC, essentially a new set of laws applicable to various trusts in Illinois, is efective Janu-ary 1, 2020. Its precursor was the Illinois Trusts and Trustees Act.
The Code reconfigures beneficiary definitions and categories, including to remove that of “primary beneficiary” under the prior Act for virtual representation purposes.4 The Code starts with defining a beneficiary as having a “present or future beneficial interest ... vested or contingent, assuming nonexercise [sic] of powers of appointment.”5 T...
Sec. 813.1. Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code.
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 ...
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.
