Modern trusts should be flexible to adapt to dynamic family and investment situations, which are guaranteed to change over time and may last for generations. Powers of appointment have taken on increased importance in trust instruments, allowing Settlors, Beneficiaries and Trustees to achieve the goals of the trust instrument.
Most attorneys are aware that a revival is not a new action; it is a continuation of the existing action where a final judgment is already entered. The Revival Act only establishes how and when the vested right may be enforced through legal actions filed in the court. But, as Mike Starzec notes in his October Illinois Bar Journal article, “Judgment Revivals: The Seven-Year Itch,” recent amendments to the Revival Act create two classes of judgments with different effective dates requiring revivals at radically different times.