Trust Modernization II
Trust modernization II. Public Act 97-921 (McAsey, D-Lockport; Silverstein, D-Chicago) Public Act 97-921 adds flexibility to Illinois estate planning and administration of trusts by the use of “directed trusts.” Directed trusts allow a settlor to establish a trust and separate the administrative authority between a trustee and another person or entity acting as a fiduciary, such as an investment advisor, distribution advisor, or trust protector. It is modeled after Delaware law, and more than 30 states already allow for directed trusts in some form. Effective January 1, 2013.