Saturday, June 22, 2013
Daniel P. Felix (Attorney, Illinois) has recently published an article entitled, Opportunities and Pitfalls in the New Illinois Directed Trust Statute, Illinois Bar Journal Vol. 101 #6 (June 2013). Provided below is the introduction to the article:
The Directed Trust Statute, which took effect January 1, is a welcome addition to the Trusts and Trustees Act. The statute offers greater flexibility in creating trusts and opens opportunities for estate planning attorneys.
The gravamen of the statute is the recognition that trusts may have multiple administrators. The new law sets some (but not all) defaults and is mostly (but not completely) clear.This article provides an overview of the statute and what it does, describing each participant now officially available to help in trust management, discussing how they relate to each other and to the trust and its stakeholders, and identifying some gaps to cover. It also addresses the statute’s practical impact, including a list of advantages for the various trust stakeholders, and offers suggestions for estate planning attorneys about how to make the statute work for clients.