TRUSTS-VIRTUAL REPRESENTATION Senate SponsorsSen. Kirk W. Dillard House Sponsors(Rep. Mark H. Beaubien, Jr.) 8/14/2009SenatePublic Act . . . . . . . . . 96-0479 760 ILCS 5/5.3760 ILCS 5/16.1Amends the Trusts and Trustees Act. Provides that a trust may be converted to a total return trust by an agreement of the trustee and all primary beneficiaries or all beneficiaries receiving income or principal and presumptive trust remaindermen (instead of all primary beneficiaries under the applicable virtual representation provisions of the Act). Provides that if there is no conflict of interest, a represented person, including a primary beneficiary or presumptive remainder beneficiary, and a minor, disabled, or unborn or unknown persons may be represented and bound by a party with a substantially identical interest. Provides that a total return trust conversion may be made between the trustee and all primary beneficiaries or other beneficiaries and presumptive remaindermen. Provides that a trust that provides a beneficial interest to a charity or charitable purpose not specifically named in the trust shall be known as a charitable interest and the Attorney General may represent and act on behalf of the charitable interest as to any dispute, including a nonjudicial settlement or a total return trust conversion. Provides that a nonjudicial settlement agreement between a trustee and all interested parties whose consent or joinder would be required for court approval is valid as to the matters of a trustee's appointment, compensation, liability, or indemnification (instead of if all primary beneficiaries of a trust are adults any written agreement, other than a trust termination agreement, construing trust provisions regarding the trustee, between a trustee and all of the primary beneficiaries of a trust shall be final and binding on the trustee and all beneficiaries of the trust, both current and future, as if ordered by a court). These provisions apply to all existing and future trusts, court proceedings, and agreements entered into under this Section on or after the effective date (instead of these provisions apply to all existing and future trusts, but only as to agreements made on or after the effective date). Includes other provisions.Senate Committee Amendment No. 1 Further amends the Trusts and Trustees Act. Provides that notwithstanding other parts of the Act, nothing shall be construed to limit or affect the Attorney General's authority to file an action or take other steps as he or she deems advisable at any time to enforce or protect the general public interest as to a trust that provides a beneficial interest or expectancy for one or more charities or charitable purposes whether or not a specific charity is named in the trust. 2/3/2009SenateFiled with Secretary by Sen. Kirk W. Dillard 2/3/2009SenateFirst Reading 2/3/2009SenateReferred to Assignments 2/10/2009SenateAssigned to Judiciary 2/19/2009SenatePostponed - Judiciary 2/23/2009SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Kirk W. Dillard 2/23/2009SenateSenate Committee Amendment No. 1 Referred to Assignments 2/25/2009SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary 2/25/2009SenateSenate Committee Amendment No. 1 Adopted 2/25/2009SenateDo Pass as Amended Judiciary; 011-000-000 2/25/2009SenatePlaced on Calendar Order of 2nd Reading February 26, 2009 2/27/2009SenateSecond Reading 2/27/2009SenatePlaced on Calendar Order of 3rd Reading March 4, 2009 3/25/2009SenateThird Reading - Passed; 059-000-000 3/25/2009HouseArrived in House 3/25/2009HousePlaced on Calendar Order of First Reading 3/25/2009HouseChief House Sponsor Rep. Mark H. Beaubien, Jr. 3/25/2009HouseFirst Reading 3/25/2009HouseReferred to Rules Committee 4/14/2009HouseAssigned to Executive Committee 5/8/2009HouseCommittee/Final Action Deadline Extended-9(b) May 22, 2009 5/14/2009HouseDo Pass / Short Debate Executive Committee; 011-000-000 5/14/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/18/2009HouseSecond Reading - Short Debate 5/18/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/19/2009HouseThird Reading - Short Debate - Passed 115-000-000 5/19/2009SenatePassed Both Houses 6/17/2009SenateSent to the Governor 8/14/2009SenateGovernor Approved 8/14/2009SenateEffective Date January 1, 2010 8/14/2009SenatePublic Act . . . . . . . . . 96-0479