Trust Modernization I
Trust modernization I. Public Act 97-920 (McAsey, D-Lockport; Dillard, R-Hinsdale) modernizes Illinois trust law by allowing “decanting” of trusts. Public Act 97-920 allows an irrevocable trust to evolve to meet a family’s changing needs without court involvement. It is modeled after the laws of Delaware and New York. Effective January 1, 2013.