Sunday, November 29, 2009
Illinois: Changes Promote Private Trust-Admin. Settlement Agreements
Lyman W. Welch (partner, Sidley Austin LLP) & Susan T. Bart (partner, Sidley Austin LLP) have published their article entitled New Law Promotes Private Trust-Administration Agreements, 97 Ill. Bar J. 562 (2009).
The following is an excerpt taken from the beginning of the article:
Effective January 1, 2010, the Illinois Trusts and Trustees Act has been revised to significantly expand the use of nonjudicial settlement agreements in resolving disputes, ambiguities, and operational difficulties in trust administration. The revision removes limitations of the original section 16.1 of the Act, which applied only if all "primary beneficiaries" were adults and not disabled. Further, it greatly expands what can be properly addressed by nonjudicial settlement agreements.