Trust Modernization II

| August 17, 2012

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.

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Testimonials

I first met the attorneys at Reda & Des Jardins after our condo association considered suing the master association for what we believed to be an illegal restructuring of cost allocations. Looking for a lawyer, I phoned friends and former associates for referrals and surfed the internet. I found two candidates that looked like good prospects. I made appointments to interview them. Reda & Des Jardins, whom I found on the internet, was first. It was a Saturday, and the Reda & Des Jardins attorney I met was leaving for a week’s vacation the next day. We met at a bagel shop in his home town. After two hours I was convinced R&D was the one. I canceled the second interview, and recommended R&D to the board. They accepted, and we hired them.The things about R&D which impressed me were their knowledge of property law, experience as litigators, their highly integrated computerized legal system and their proposed approach to our case. I had the pleasure of working closely with them. R&D was well prepared for trial. Both the opposing attorney and the judge agreed with them that there was no precedent for our case. We won, and the defendant signed a settlement agreement favorable to us. I was impressed with R&D’s handling of the case, and I would recommend them highly.

Marcel DurotRivershire Condominium Association I