Four members of the committee that drafted the Illinois Trust Code will present on aspects of the ITC of particular relevance to fiduciaries, including fiduciary duties, identifying the persons who should receive notices and accounts, notices and accounts, creditors rights and trust modification.
- Introduction to the ITC Focus on key concepts such as mandatory versus default provisions and definitions
- Who is a Qualified Beneficiary? Identifying the qualified beneficiaries of a trust is fundamental to fulfilling fiduciary duties, but not necessarily intuitive.
- Representation of Beneficiaries Learn who may represent qualified beneficiaries, including minors and other incapacitated beneficiaries.
- Notices and Accounts The ITC introduced new rules for providing information to beneficiaries. Learn when the new rules apply, and how they apply to trusts.
- Directed Trusts A properly administered directed trust can relieve the nondirecting fiduciaries from liability for actions taken by the directing party.
- Creditors’ Rights When is a trust subject to the claims of the grantor’s or beneficiary’s creditors?
- Fiduciary Duties Fiduciary duty topics include revocable trusts, delegation, life insurance, acceptances and resignation and trust certification.
- Trust Modification, In Brief An introduction to the various tools now available to modify the terms of a trust to help it better achieve its purpose and to facilitate smooth administration.
- Questions and Answers The entire panel will field questions
Susan T. Bart, Schiff Hardin LLP
Adam M. Damerow, Katten
Jane G. Ditelberg, The Northern Trust Company
Rebecca Wallenfelsz, Chapman & Cutler LLP
Ryan A. Walsh, Hamilton Thies & Lorch LLP
Per Person Fee
(Includes OnDemand Access through June 6, 2021)