Illinois General Assembly - Bill Status for HB5883

Amends the Statute Concerning Perpetuities. Provides that a qualified perpetual trust is created by specified express terms. Provides that qualified perpetual trusts are not subject to the rule against perpetuities with respect to the vesting of interests in property. Provides that a trustee of a qualified perpetual trust shall have the unrestricted power and right to sell or convey the interest in the property after the end of the period of the rule against perpetuities and the power to sell property is not limited and the power of alienation is not suspended while the trustee or other person in being can convey the property. Provides that there is no time period in which the interests in property of a qualified perpetual trust are required to vest. Provides that language in a governing instrument of a trust which is not a qualified perpetual trust that is exempt from generation-skipping transfer tax seeks to (1) disallow the vesting or termination of an interests or trust beyond, (2) postpone the vesting or termination of an interest or trust until, or (3) operate in effect in a similar fashion upon, the later of (A) the expiration of a period of time not exceeding 21 years after the death of the survivor of specified lives in being at the creation of the trust or other property arrangement or (B) the expiration of a period of time that exceeds or might exceed 21 years after the death of the survivor of lives in being at the creation of the trust or other property arrangement, that language is inoperative to the extent it produces a period of time that exceeds 21 years after the death of the survivor of the specified lives.

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