TRUSTS-SMALL TRUST TERMINATE Senate SponsorsSen. Kirk W. Dillard House Sponsors(Rep. Mark H. Beaubien, Jr.) 9/11/2007SenatePublic Act . . . . . . . . . 95-0605 760 ILCS 5/4from Ch. 17, par. 1654760 ILCS 5/4.26 new Amends the Trusts and Trustees Act. Permits a trustee to terminate a trust if it has a market value of less than $100,000 and the costs of continuing the trust will substantially impair the purpose of the trust. Outlines how distribution shall be made. Provides that a trustee who is an income beneficiary may not participate as a trustee in the exercise of termination power. Provides that the trustee shall give notice to the persons entitled to distribution at least 30 days prior to the effective date of the termination of the trust. Provides that the provisions of the Section concerning small trust termination shall not apply to trusts for domestic or pet animals.House Amendment No. 1 Replaces everything after the enacting clause with provisions substantially similar to the bill as introduced except that the power that a trustee has to terminate the trust and distribute the trust estate is in the trustee's sole discretion with the consent of the recipients (instead of in the trustee's sole discretion). 2/8/2007SenateFiled with Secretary by Sen. Kirk W. Dillard 2/8/2007SenateFirst Reading 2/8/2007SenateReferred to Rules 2/21/2007SenateAssigned to Judiciary Civil Law 3/1/2007SenateDo Pass Judiciary Civil Law; 010-000-000 3/1/2007SenatePlaced on Calendar Order of 2nd Reading March 2, 2007 3/2/2007SenateSecond Reading 3/2/2007SenatePlaced on Calendar Order of 3rd Reading March 6, 2007 3/29/2007SenateThird Reading - Passed; 057-000-000 3/30/2007HouseArrived in House 3/30/2007HousePlaced on Calendar Order of First Reading 4/16/2007HouseChief House Sponsor Rep. Mark H. Beaubien, Jr. 4/16/2007HouseFirst Reading 4/16/2007HouseReferred to Rules Committee 4/30/2007HouseAssigned to Executive Committee 5/18/2007HouseCommittee Deadline Extended-Rule 9(b) May 25, 2007 5/25/2007HouseFinal Action Deadline Extended-9(b) May 31, 2007 5/30/2007HouseHouse Amendment No. 1 Filed with Clerk by Executive Committee 5/30/2007HouseHouse Amendment No. 1 Adopted in Executive Committee; by Voice Vote 5/30/2007HouseDo Pass as Amended / Short Debate Executive Committee; 013-000-000 5/30/2007HousePlaced on Calendar 2nd Reading - Short Debate 5/30/2007HouseSecond Reading - Short Debate 5/30/2007HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/31/2007HouseThird Reading - Short Debate - Passed 115-000-000 5/31/2007SenateSecretary's Desk - Concurrence House Amendment(s) 01 5/31/2007SenatePlaced on Calendar Order of Concurrence House Amendment(s) 01 - June 1, 2007 6/5/2007SenateHouse Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kirk W. Dillard 6/5/2007SenateHouse Amendment No. 1 Motion to Concur Referred to Rules 6/6/2007SenateHouse Amendment No. 1 Motion to Concur Rules Referred to Judiciary Civil Law 6/7/2007SenateHouse Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary Civil Law; 007-000-000 6/14/2007SenateHouse Amendment No. 1 Senate Concurs 052-000-000 6/14/2007SenatePassed Both Houses 7/13/2007SenateSent to the Governor 9/11/2007SenateGovernor Approved 9/11/2007SenateEffective Date June 1, 2008 9/11/2007SenatePublic Act . . . . . . . . . 95-0605