Bill Text: IL HB0199 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Trusts and Trustees Act. Defines terms. Provides that an unascertainable beneficiary may be represented by and bound by another beneficiary having a substantially similar (instead of a substantially identical) interest on a particular question or dispute. Provides that if a trust beneficiary is an unrepresented minor, disabled, or unborn person, a parent of the beneficiary may represent and bind the beneficiary, provided that there is no conflict of interest between the minor or disabled person and either of that person's parents on that particular question or dispute. Further provides that this representative may on a particular question or dispute represent and bind an unborn beneficiary or an unascertainable beneficiary who has an interest that is substantially similar to the interest of the minor or disabled person, but only if there is no conflict of interest between the minor or the disabled person and the unborn or the unascertainable person. Makes other corresponding changes. Provides that conversion of a trust to a total return trust may be made with a trustee and all primary beneficiaries (instead of with a trustee and all beneficiaries and presumptive remaindermen beneficiaries) in accordance with other provisions of the Act. Provides that changes made apply to all trusts in existence on the effective date and to all trusts created after that date.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB0199 Detail]

Download: Illinois-2013-HB0199-Amended.html

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Rep. Emily McAsey

Filed: 3/22/2013

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AMENDMENT TO HOUSE BILL 199
AMENDMENT NO. ______. Amend House Bill 199 on page 21, by
replacing line 6 with the following:
"with subsection (b) 5.3(b) of the total return trust
provisions of"; and
on page 21, by replacing lines 18 through 21 with the
following:
"(c) Representation of charity. If a trust provides a
beneficial interest or expectancy"; and
on page 22, by replacing lines 4 through 7 with the following:
"accordance with subsection (b) 5.3(b) of the total return
trust provisions of Section 5.3 of this Act. A charity that is
specifically named as beneficiary of a trust or that otherwise
has an express beneficial interest in a trust may act for
itself. This subsection (c) shall be construed as being
declarative of existing law and not as a new enactment.

09800HB0199ham002 - 2 - LRB098 00014 HEP 43765 a
Notwithstanding any other provision,"; and
on page 22, line 14, after "trust.", by inserting the
following:
"This subsection (c) shall be construed as being declarative of
existing law and not as a new enactment."; and
on page 25, immediately below line 17, by inserting the
following:
"(4.5) If a charitable interest or a specifically named
charity is a current beneficiary, is a presumptive
remainder beneficiary, or has any vested interest in a
trust, the parties to any proposed nonjudicial settlement
agreement affecting the trust shall deliver to the Attorney
General's Charitable Trust Bureau written notice of the
proposed agreement at least 60 days prior to its effective
date. The Bureau need take no action, but if it objects in
a writing delivered to one or more of the parties prior to
the proposed effective date, the agreement shall not take
effect unless the parties obtain court approval.".