Section Activities Summary

ISBA Central Discussions

Legislation

The Section Council reviewed 50 bills that may affect their members’ practice area. Highlights of the most recent legislative session include:

• Senate Bill 83 is the ISBA Trusts and Estates Section Council’s proposition to amend the Small Estate Affidavit statute of the Probate Act of 1975 (755 ILCS 5/25-1) to increase from $100,000 to $150,000 the value of personal property of a decedent’s estate that can be passed with the use of a small estate affidavit. The threshold has not been increased since 2004 when it was raised from $50,000 to $100,000. The proposal also exempts motor vehicles from the threshold calculation. Applies to a decedent whose date of death is on or after the effective date. Drop date Aug. 19, 2025; effective immediately.
• Senate Bill 1667 is an unclaimed property bill.  It amends the State Finance Act to provide that funds owed to the estate or heirs of a deceased State employee under the Act that are not paid within one year of the State employee's death shall be reported and remitted to the State Treasurer under the Revised Uniform Unclaimed Property Act. It amends the Illinois Trust Code to require a trustee to maintain, for a minimum of 7 years after the termination of the trust, a copy of the governing trust instrument under which the trustee was authorized to act at the time the trust terminated. It further requires that, before the termination of a trust, a trustee must conduct a reasonable search for any trust property that has been reported and remitted to a State unclaimed property administrator. The bill also amends the Revised Uniform Unclaimed Property Act. Provides that property held in an account or plan, including a health savings account, that qualifies for tax deferral under the United States income tax law, is presumed abandoned 20 (currently 30) years after the account was opened. Provides that, in the tenth year after the opening of an account holding property covered by the Act for which the apparent owner has not, within the previous 3 years, indicated interest under the Act and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner. Requires State agencies to report final compensation due a State employee to the Treasurer's Office as unclaimed property if the employee dies while employed. Requires a holder who holds property presumed abandoned to hold the property in trust for the benefit of the State Treasurer on behalf of the owner from and after the date the property is presumed abandoned. Creates authority for the Secretary of the Department of Financial and Professional Regulation to order a regulated person under the Act to immediately report and remit property subject to the Act if the Secretary determines that the action is necessary to protect the interest of an owner. Establishes a procedure regulating agreements between an owner or apparent owner and a finder to locate or recover property held by the State Treasurer. Requires a finder to be licensed by the State Treasurer and creates qualifications to be so licensed.