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Public Act 093-0695


 

Public Act 0695 93RD GENERAL ASSEMBLY



 


 
Public Act 093-0695
 
HB4389 Enrolled LRB093 18305 LCB 44010 b

    AN ACT concerning trusts.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Trusts and Trustees Act is amended by
changing Section 4.20 as follows:
 
    (760 ILCS 5/4.20)  (from Ch. 17, par. 1674)
    Sec. 4.20. To distribute income and discretionary amounts
of principal in such one or more of the following ways as the
trustee believes to be for the best interests of any
beneficiary who at the time of distribution is under legal
disability or in the opinion of the trustee is unable properly
to manage his affairs because of illness, physical or mental
disability or any other cause:
    (a) directly to the beneficiary;
    (b) to a duly appointed guardian of the beneficiary;
    (c) to a custodian for the beneficiary under the Uniform
Transfers to Minors Act;
    (d) to an adult relative of the beneficiary;
    (e) by expending the money or using the property directly
for the benefit of the beneficiary; and the trustee is not
required to see to the application of any distribution so made;
and .
    (f) to a trust, created prior to the time the distribution
becomes payable, for the sole benefit of the beneficiary and
those dependent upon the beneficiary during his or her
lifetime, to be administered as a part thereof, except that any
amounts distributed to the trust pursuant to this paragraph (f)
shall be separately accounted for by the trustee of the trust
and shall be indefeasibly vested in the beneficiary so that if
the beneficiary dies prior to complete distribution of such
amounts, the amounts and the accretions, earnings, and income
thereon, if any, shall be paid to the beneficiary's estate;
provided, however, that this paragraph (f) shall not apply to
the extent that it would cause a trust otherwise qualifying for
the federal estate tax marital deduction not to so qualify.
(Source: P.A. 84-915.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 07/09/2004