Topic:
Trusts and Trustees Act
(Dillard, R-Westmont; McAsey, D-Romeoville) amends the virtual representation section of this Act. It expands the use of settlement agreements in resolving disputes, ambiguities, and operational difficulties in trust administration. These settlements require unanimous written agreement by the trustee and all current and presumptive remainder beneficiaries. Effective January 1, 2015.