Fundamentals of the Illinois Trust Code

Susan Bart and Allison Pfeifle will provide an introduction to the Illinois Trust Code, which provides the architectural framework for administering a trust. They will review the rules that cannot be changed by the trust instrument, and the rules that are design choices that can be drafted around. They will discuss the duties of a trustee, including the duty to provide notices, accounts and other information about a trust the rules for investing trust assets, and how fiduciary duties may be divided among individuals or institutions. Finally, they’ll discuss how changing circumstances may make modifications to an irrevocable trust advisable, and the ways the Illinois Trust Code allows for trust modification.

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