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Records · 5 мин чтения
What the statute provides
760 ILCS 3/810 provides that a trustee keeps adequate records of the administration, keeps trust property separate from the trustee's own property, and — unless the trustee is a regulated bank — causes the trust property to be designated so that the trust's interest, to the extent feasible, appears in a third party's records; several trusts' property may be invested as a whole with clear records. A copy of the governing instrument in force at the termination is kept for at least 7 years afterward, and before the termination the trustee searches for trust property remitted to a state unclaimed-property administrator.
The accounting that rests on the record
The trust accounting describes the trust property, liabilities, receipts and disbursements, including the trustee's compensation, the closing values to the extent feasible, and the other material facts of the administration (760 ILCS 3/103), and goes at least annually to the current and presumptive remainder beneficiaries (760 ILCS 3/813.1(b)(2), (3)). An accounting or other writing that adequately discloses a matter starts a two-year period for a proceeding about it (760 ILCS 3/1005(a)(1)); without one, the longer periods of 760 ILCS 3/1005(b) apply.
Practical habits
One trust account; every receipt and invoice kept; distributions recorded with date, amount and recipient; valuations kept with their source; and copies of every notice with the date and method of sending. Expenses properly incurred are reimbursed (760 ILCS 3/709), and the record shows which were.
Законы, дословно
Limitation on action against trustee
760 ILCS 3/1005 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Reimbursement of expenses
760 ILCS 3/709 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Recordkeeping and identification of trust property
760 ILCS 3/810 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code
760 ILCS 3/813.1 ↗Понятное простое объяснение; дословный текст статута ещё не заверен в нашей библиотеке. Смотрите официальный статут по ссылке выше.
Частые вопросы
What records does an Illinois trustee have to keep?
Adequate records of the administration, with trust property kept separate and the trust's interest shown in the records of anyone else holding its property (760 ILCS 3/810), and a copy of the governing instrument for at least 7 years after the trust ends (760 ILCS 3/810(e)).
Can an Illinois trustee use a personal account for trust money?
The statute provides that trust property is kept separate from the trustee's own property (760 ILCS 3/810(b)).
Why do the records matter for the time limits?
A trust accounting or other writing that adequately discloses a matter starts a two-year period for a proceeding about it (760 ILCS 3/1005(a)(1)).
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