According to Illinois lawmakers, even if a beneficiary of a trust releases or waives his or her power to withdraw or allows it to lapse, the beneficiary still may not be considered to be a settlor or to have made a transfer to the trust. (755 ILCS 5/16.2)
A living trust amendment drafted by a nonlawyer is invalid under the Consumer Fraud and Deceptive Business Practices Act, the Illinois Appellate Court rules.
On December 3, 2007, the Illinois Appellate Court, Second District, affirmed the decision of the Circuit Court of Du-Page County granting in part Northern Trust Company's motion to disqualify counsel for Peter Wright.
It’s good to allow trustees to terminate small trusts when fees are consuming income. But should income, rather than remainder, beneficiaries automatically get the proceeds?
The Illinois Supreme Court ruled that the state can't seek reimbursement for long-term care from a surviving spouse's estate, making the revocable living trust an even more attractive estate-planning tool.
On August 31, 2005, the Illinois Appellate Court, Third District, reversed and remanded the decision of the Circuit Court of Rock Island County granting summary judgment for defendant trustees.
On April 25, 2005, the Illinois Appellate Court, First District, affirmed the judgment of the Circuit Court of Cook County granting the petitioner's motion for summary judgment and denying the respondents' motion for summary judgment.
Members of an ISBA e-mail discussion group agree that despite a trustee's reluctance, beneficiaries are entitled to see trust instruments that confer benefits upon them.
On July 12, 2004, the Illinois Fourth District Appellate Court affirmed that part of the Circuit Court of McLean County's judgment that refused to award attorney's fees incurred by a trustee on appeal.
Effective January 1, 2005, the Illinois Trust and Trustees Act will acknowledge the validity of a trust for the care of one or more designated domestic or pet animals.
