Subject Index Trusts

Illinois requirements for the Form 700 estate tax returns needed for qualified terminable interest property (QTIP) have been updated. Estates claiming a QTIP election must report the total value of property on the estate tax return and produce a detailed schedule of all property and assets subject to the QTIP election.

On June 30, 2023, the First District of the Illinois Appellate Court held that an irrevocable trust may be modified if the changes are consistent with the trust’s material purpose.

On June 12, 2019, the Third District affirmed the trial court’s grant of the defendants’ motion for summary judgment, thereby rejecting a claim by relatives seeking to recover a farm that was not included in a testator’s will closed 52 years earlier.

Under the new Land Trust Beneficiary Rights Act, the rights of land trust beneficial owner(s) shall not be impaired by the change of trustee if beneficial owner(s) remain the same.

The new amendments to this Act require that all transfers of real property to a trust must include a conveyance of legal title.