Bill Text: IL HB4664 | 2011-2012 | 97th General Assembly | Amended

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Bill Title: Amends the Trust 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 material 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 material 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.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB4664 Detail]

Download: Illinois-2011-HB4664-Amended.html

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Rep. Emily McAsey

Filed: 3/26/2012

09700HB4664ham001 LRB097 14224 JLS 67950 a
AMENDMENT TO HOUSE BILL 4664
AMENDMENT NO. ______. Amend House Bill 4664 by deleting
"material" each time it appears on page 15, line 12; page 18,
line 17; page 19, line 17; page 20, line 10; and page 26, line
15.