House Bill BH1417 – New Illinois Trust Code (ITC)
In July 2019, Illinois Gov. J.B. Pritzker signed House Bill HB1471, which enacts the Illinois Trust Code (ITC) and repeals many of Illinois’ current trust statutes. The ITC will be effective as of Jan. 1, 2020.
To learn more about what bill entails, read the article below.
Illinois HB1471 2019-2020 Creates the Illinois Trust Code Provides that the Code applies to express trusts charitable or noncharitable and trusts created pursuant to a statute judgment or decree that requires the trust to be administered in the manner of an express trust Defines terms Adds provisions governing judicial proceedings