The Illinois Trust Code: Highlights for Fiduciaries

Illinois Bankers Association

Date & Time
September 11, 2024 | 10am - 2:45pm CDT
Location
Virtual
Event Type
Webinar
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Attorneys at ArentFox Schiff LLP will present on aspects of the ITC of particular relevance to fiduciaries, including fiduciary duties, identifying the persons who should receive notices and accounts, preparation of notices and accounts, and trust modification.

Introduction to the ITC
Susan T. Bart – Important tips when reading the Illinois Trust Code, including the essential difference between mandatory and default rules.

Are You My Qualified Beneficiary?
Allison K. Pfeifle – Attendees will learn the rules for identifying current beneficiaries and presumptive remainder beneficiaries of trusts subject to the Illinois Trust Code. Additionally, the speaker will discuss the representation of qualified beneficiaries, and issues relating to that representation.

Notices and Accounts
Luke E. Harriman – The Illinois Trust Code changed several important rules regarding giving notices and accounts to trust beneficiaries. This section will provide an overview of these rules and discuss best practices for notices and accounts.

How to Teach an Old Trust New Tricks
Jessica J. Birnbaum – Irrevocable no longer means unmodifiable. This session will cover modifications permitted under the Illinois Trust Code including Nonjudicial Settlement Agreements, total return conversions, and decanting.

Allocation of Fiduciary Duties, Approvals, and Consents
Oliver R. Merrill will address the ways that trusts may divide fiduciary duties, including directed trusts and delegations. Olly will also address how and when to get approvals for fiduciary actions and accounts.

ITC You in Court: The Illinois Trust Code in Judicial Proceedings
Dave Blickenstaff, an experienced trust litigator, will examine the ITC’s impact in the courtroom, reviewing provisions that affect judicial proceedings and court decisions applying the Code.

Purpose Trusts: Trusts with No Beneficiary
Susan Bart will consider the recent trend to permit trusts with no ascertainable beneficiaries to preserve a business, maintain funds for cryopreservation, preserve your dog’s DNA, fund an annual water balloon fight, or any other purpose not contrary to public policy.

Question and Answer Session

Continuing Education