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An Illinois trustee sends a trust accounting at least annually to all current beneficiaries and all presumptive remainder beneficiaries, and on termination to the residue's takers — the trust property, liabilities, receipts and disbursements, the trustee's compensation and the closing values (760 ILCS 3/813.1(b)(2)–(4), 760 ILCS 3/103). A matter it adequately discloses binds unless an action is brought within 2 years (760 ILCS 3/1005).
Востаннє звірено із законами Іллінойсу та оновлено: 2026-10-11.
What Illinois asks a trustee to account for
A trust accounting is one or more written communications for an accounting year that describe the trust property, liabilities, receipts and disbursements, including the amount of the trustee's compensation; the value of the trust assets on hand at the close of the accounting period, to the extent feasible; and all other material facts related to the administration of the trust (760 ILCS 3/103). An asset with no readily available market value may be carried at an estimated or nominal value in the trustee's discretion (760 ILCS 3/813.1(b)(2)).
Who receives it, and the waiver
At least annually the accounting goes to all current beneficiaries (760 ILCS 3/813.1(b)(2)) and to all presumptive remainder beneficiaries (760 ILCS 3/813.1(b)(3)); on termination, to all beneficiaries entitled to a distribution of the residue (760 ILCS 3/813.1(b)(4)). On a vacancy with no co-trustee remaining, the former trustee sends it; a personal representative or guardian may send it for a deceased or incapacitated trustee (760 ILCS 3/813.1(c)). The trustee may give other beneficiaries more information in its discretion (760 ILCS 3/813.1(b)(5)) and may charge a reasonable fee for repeat information or to a beneficiary who is not a qualified beneficiary (760 ILCS 3/813.1(e)).
A qualified beneficiary may waive the right to receive the information the section requires by an instrument in writing delivered to the trustee, and may withdraw the waiver by a later writing for future accountings (760 ILCS 3/813.1(g)). A designated representative the instrument nominates may receive the accounting for a qualified beneficiary (760 ILCS 3/307).
The record behind the accounting
A trustee keeps adequate records of the administration, keeps trust property separate from the trustee's own, and causes the trust's interest to appear in the records of anyone else holding its property, to the extent feasible (760 ILCS 3/810). Keep each statement, receipt and invoice, the date and amount of every distribution, and the basis of each value reported. Compensation is reasonable unless the instrument sets it (760 ILCS 3/708); expenses properly incurred are reimbursed (760 ILCS 3/709).
Строки довірчого власника в Іллінойсі: що передбачають закони
Звірено із законами Іллінойсу 2026-10-11. Загальна інформація, не юридична консультація; офіційний текст має пріоритет.
| Коли | Строк | Що передбачає закон | Кому | Стаття |
|---|---|---|---|---|
| You receive notice that you are named trustee | Within 120 days after receiving notice of the designation; a designated trustee who does not accept within those 120 days is deemed to have declined. | Accept by substantially complying with a method of acceptance the trust instrument provides or — where it provides none, or its method is not expressly exclusive — by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance. Without accepting, a designated trustee may act to preserve the property if a declination is sent within the 120 days, and may inspect or investigate it. | — | 760 ILCS 3/701 ↗ |
| You accept | At once and throughout; no day-count. | Administer the trust in good faith, in accordance with its purposes and the terms of the trust, and in accordance with the Illinois Trust Code. | — | 760 ILCS 3/801 ↗ |
| You accept | At once and throughout; no day-count. | Take reasonable steps to take control of and protect the trust property, including searching for and, if practicable, claiming any unclaimed property (as amended by P.A. 104-116 from January 1, 2026). Where a corporation serves as co-trustee with individuals, the corporate trustee has custody unless all the trustees agree otherwise. | — | 760 ILCS 3/809 ↗ |
| You accept | Throughout; no day-count. | Keep adequate records of the administration, keep trust property separate from your own, and — unless you are a regulated bank — cause the trust property to be designated so that the trust's interest, to the extent feasible, appears in a third party's records. | — | 760 ILCS 3/810 ↗ |
| You accept | Within a reasonable time after the acceptance; no day-count. | Review the trust assets and make and implement decisions about the retention and disposition of the original investments, to conform to the Illinois Prudent Investor Law. | — | 760 ILCS 3/904 ↗ |
| The trust becomes irrevocable — at the settlor's death, where it was revocable until then | Within 90 days of the trust becoming irrevocable; or, if no trustee was then acting, within 90 days of the trustee's acceptance. | Notify each qualified beneficiary of the trust's existence, of the beneficiary's right to request a complete copy of the trust instrument (or, if the instrument so provides, only the portion that sets forth the terms in which the beneficiary has an interest), and of whether the beneficiary has a right to receive or request trust accountings. The section applies to a trust that became irrevocable, or a trustee who accepted, after January 1, 2020; an older trust follows 760 ILCS 3/813.2. | Each qualified beneficiary (760 ILCS 3/103(30)) | 760 ILCS 3/813.1(b)(1) ↗ |
| You learn that a qualified beneficiary has a representative who was not notified, no longer has one, or that there is a new qualified beneficiary | Within 90 days of acquiring that knowledge. | Give the same notice of the trust's existence and the beneficiary's rights to the newly identified qualified beneficiary or representative. | The qualified beneficiary, or the representative under Article 3 | 760 ILCS 3/813.1(b)(1) ↗ |
| You accept the trusteeship | Within 90 days after you accept. | Notify each qualified beneficiary of the acceptance and of your name, address and telephone number. A corporate successor by merger, consolidation or an affiliate transfer with unchanged contact information chooses its own timing and manner. | Each qualified beneficiary (760 ILCS 3/103(30)) | 760 ILCS 3/813.1(d)(1)(A) ↗ |
| You plan a change in the rate of, or the method of determining, your compensation | In advance of the change; no day-count. | Notify each qualified beneficiary before the change. | Each qualified beneficiary | 760 ILCS 3/813.1(d)(1)(B) ↗ |
| Another trustee becomes incapacitated, dies, is disqualified or is removed, and you continue as trustee | Within 90 days after the event. | Notify each qualified beneficiary of the other trustee's incapacity, death, disqualification or removal. | Each qualified beneficiary | 760 ILCS 3/813.1(d)(2) ↗ |
| Your address, telephone number or other contact information changes | No later than 90 days after the change takes effect. | Notify each qualified beneficiary of the change. | Each qualified beneficiary | 760 ILCS 3/813.1(d)(3) ↗ |
| A qualified beneficiary reasonably requests the trust instrument | Promptly; no day-count. | Furnish a complete copy of the trust instrument — or, where the instrument so provides, only the portion that sets forth the terms in which the qualified beneficiary has an interest. Each request concerns a single, sufficiently identified trust; a reasonable fee may be charged for repeat information or to a beneficiary who is not a qualified beneficiary. | — | 760 ILCS 3/813.1(b)(6) ↗ |
| Each year of the administration | At least annually. | Send a trust accounting — the trust property, liabilities, receipts and disbursements, including the amount of your compensation; the value of the assets on hand at the close of the period, to the extent feasible; and all other material facts of the administration (760 ILCS 3/103(38)) — to all current beneficiaries and to all presumptive remainder beneficiaries (760 ILCS 3/813.1(b)(3)). An asset with no readily available market value may carry an estimated or nominal value in your discretion. | All current beneficiaries and all presumptive remainder beneficiaries | 760 ILCS 3/813.1(b)(2) ↗ |
| The trust terminates | On termination; no day-count. | Send a trust accounting to all beneficiaries entitled to receive a distribution of the residue of the trust. On termination the trustee may require a written approval of the accounting and, at the trustee's election, a refunding agreement, and may withhold a reasonable reserve pending them (760 ILCS 3/817). | All beneficiaries entitled to a distribution of the residue | 760 ILCS 3/813.1(b)(4) ↗ |
| A vacancy occurs in the trusteeship and no co-trustee remains in office | Upon the vacancy; no day-count. | The former trustee sends the trust accounting to the beneficiaries entitled to it; a personal representative, guardian of the estate or guardian of the person may send it on behalf of a deceased or incapacitated trustee. | The beneficiaries entitled to the accounting | 760 ILCS 3/813.1(c) ↗ |
| A qualified beneficiary delivers a written waiver, or withdraws one | At any time; the withdrawal reaches future trust accountings. | A qualified beneficiary may waive the right to receive information the section requires, such as a trust accounting, by an instrument in writing delivered to the trustee, and may withdraw the waiver by a later writing. Silence is not a waiver. | — | 760 ILCS 3/813.1(g) ↗ |
| The trust became irrevocable, or you accepted the trusteeship, before January 1, 2020 | A current account at least annually; a final account on termination. | Furnish a current account showing the receipts, disbursements and inventory to the beneficiaries entitled to or receiving the income (or, if none, those eligible to it), and on termination a final account to the beneficiaries entitled to distribution, with prior accounts made available; an incapacitated beneficiary's account goes to the representative of the beneficiary's estate or, if none, a spouse, parent, adult child or guardian. | The income beneficiaries; on termination, the beneficiaries entitled to distribution | 760 ILCS 3/813.2 ↗ |
| The trust is revocable and the settlor is living | While the trust is revocable; no day-count. | While the settlor personally has capacity to revoke, the beneficiaries' rights are subject to the settlor's control and the trustee's duties are owed exclusively to the settlor; while the settlor lacks that capacity, the duties are owed to the settlor and the current beneficiaries, the settlor's interests first. | — | 760 ILCS 3/603 ↗ |
| Co-trustees cannot reach a unanimous decision | After prior written notice to, or written waiver of notice by, each other co-trustee. | Co-trustees who cannot agree may act by majority decision after that written notice or waiver; each co-trustee participates unless unavailable or the function was delegated, and where prompt action is needed and a co-trustee is unavailable, the remaining co-trustee or a majority of the remaining co-trustees may act. | Each other co-trustee | 760 ILCS 3/703 ↗ |
| You decide to resign | Upon notice; no day-count. | Resign upon notice to the settlor, if living, to the beneficiaries who are distributees or permissible distributees of trust income, and to all co-trustees — or with the court's approval; the trustee also notifies each qualified beneficiary of the resignation (760 ILCS 3/813.1(d)(1)(C)). Resignation does not discharge liability for the trustee's acts; a former trustee delivers the property expeditiously (760 ILCS 3/707). | The settlor if living, the income distributees and all co-trustees; each qualified beneficiary | 760 ILCS 3/705 ↗ |
| You propose to transfer the trust's principal place of administration | Not less than 60 days before initiating the transfer; the objection date the notice states is not less than 60 days after the notice. | Notify the qualified beneficiaries of the new jurisdiction, the address and telephone number at the new location, the reasons, the anticipated date and the date by which they may object. A timely objection ends the authority to transfer without the court. | The qualified beneficiaries | 760 ILCS 3/108 ↗ |
| Interested persons propose a nonjudicial settlement agreement | Where the trust has a charitable interest, written notice to the Attorney General at least 60 days before the effective date; any interested person may petition the court to approve within 60 days after the effective date. | Interested persons may settle the matters the section lists — the terms' interpretation, approval of an accounting, a trustee's powers, appointment and compensation, transfer of the place of administration, bona fide disputes and, with the court's approval, termination — by an agreement that binds as a court order. | The Attorney General's Charitable Trust Bureau, where the trust has a charitable interest | 760 ILCS 3/111 ↗ |
| You consider terminating a small trust as uneconomic | After notice to the qualified beneficiaries; notice to the current beneficiaries at least 30 days before the effective date. | The trustee of a trust whose property is worth less than $100,000 may terminate it after notice to the qualified beneficiaries if the costs of continuing it will substantially impair its purpose, distributing to the current beneficiaries as the section directs; the court may also modify or terminate an uneconomic trust. | The qualified beneficiaries; the current beneficiaries | 760 ILCS 3/414 ↗ |
| You decide to convert the trust to a total return trust | A qualified beneficiary may object in writing within 60 days after the notice is sent. | Send a written notice of the decision, with a prospective effective date and a copy of Article 11, to all of the qualified beneficiaries; the conversion proceeds if none objects within the 60 days. | All of the qualified beneficiaries | 760 ILCS 3/1102 ↗ |
| You intend to distribute the trust's property to a second trust | Notice not later than 60 days before the exercise; the notice period ends 59 days after the notice is given, unless every person entitled to notice waives it in a signed record. | Give notice in a record of the intended exercise — the manner, the effective date, the first-trust instrument and every second-trust instrument — to each living settlor, each qualified beneficiary, each holder of a presently exercisable power of appointment, each person who may remove or replace the fiduciary, every other fiduciary of the first trust, each fiduciary of the second trust and, where there is a charitable interest, the Attorney General's Charitable Trust Bureau. | The persons 760 ILCS 3/1207(c) lists | 760 ILCS 3/1207 ↗ |
| The settlor of a trust that was revocable at death dies | The earlier of 2 years after the death and — where the settlor's will admitted to probate gives the trust a legacy — the time to contest the will (6 months after admission, 755 ILCS 5/8-1), or otherwise 6 months after you send a copy of the trust instrument with a notice of the trust's existence, your name and address and the 6-month period. | The period within which a judicial proceeding to contest the validity of the trust may be commenced. | — | 760 ILCS 3/604(a) ↗ |
| The settlor of a trust that was revocable at death dies | Nine months after the death; no protection where you know of a pending contest, or a potential contestant notified you of a possible proceeding and a proceeding is commenced within 60 days after the notification. | Nine months after the death the trustee may proceed to distribute under the trust instrument without liability for doing so, subject to those two conditions; a beneficiary of a trust determined to have been invalid returns the distribution with its income and appreciation. | — | 760 ILCS 3/604(b) ↗ |
| The settlor of a trust that was revocable at death dies | Nine months after the death, absent a written notice from the personal representative that the probate estate is or may be insufficient (or after its withdrawal or revocation). | A trustee who distributes nine months or later after the settlor's death, in accordance with the trust instrument, is released from liability under the section for the assets distributed — unless the personal representative's written insufficiency notice was received and not withdrawn. | — | 760 ILCS 3/505(a)(6) ↗ |
| The settlor of a trust that was revocable at death dies | Throughout the estate's administration; no day-count. | The property of a trust that was revocable at the settlor's death is subject to the settlor's creditors' claims, the costs of administering the estate, the funeral expenses and the statutory awards to the spouse and children to the extent the probate estate is inadequate; a claim barred against the personal representative is barred against the trust, and the Probate Act's classification and priority apply once a right to collect from the trust is perfected. | — | 760 ILCS 3/505(a)(5) ↗ |
| You furnish a trust accounting or other writing that adequately discloses a matter (a trust irrevocable, or a trustee who accepted, after January 1, 2020) | 2 years after the date the information is furnished. | The matter disclosed is binding on each person who receives the information, and those the person represents, unless an action against the trustee is instituted within those 2 years. A disclosure is adequate if it provides sufficient information so that the person knows of the potential claim or should have inquired into its existence. | — | 760 ILCS 3/1005(a)(1) ↗ |
| You furnish a current or final account (a trust irrevocable, or a trustee who accepted, before January 1, 2020) | 3 years after the date the account is furnished. | A current account binds each beneficiary receiving it, and a final account each beneficiary receiving it and those claiming through them, unless an action against the trustee is instituted within those 3 years. | — | 760 ILCS 3/1005(a)(2) ↗ |
| The trustee is removed, resigns or dies; the beneficiary's interest ends; or the trust terminates | 5 years after the first of those events, unless barred earlier; fraudulent concealment, 5 years after discovery (735 ILCS 5/13-215). | The outer period within which a beneficiary's judicial proceeding against a trustee for breach of trust must be commenced. | — | 760 ILCS 3/1005(b) ↗ |
| A transfer is made or an obligation incurred that a creditor may challenge | 4 years after the transfer or obligation, or, for actual intent, 1 year after it was or could reasonably have been discovered if later; 1 year for an insider's antecedent debt. | The periods within which a creditor's action under the Uniform Fraudulent Transfer Act is brought, or is extinguished. | — | 740 ILCS 160/10 ↗ |
| The trust terminates | A copy of the governing instrument kept for a minimum of 7 years after the termination; the unclaimed-property search before the termination. | Maintain, for at least 7 years after the termination, a copy of the governing trust instrument under which you were authorized to act when the trust terminated, and, before the termination, conduct a reasonable search for any trust property reported and remitted to a state unclaimed-property administrator (760 ILCS 3/810(f); as amended by P.A. 104-116 from January 1, 2026). | — | 760 ILCS 3/810(e) ↗ |
| The trust terminates, in whole or in part, or a beneficiary exercises a right to withdraw principal | Expeditiously; no day-count. | Proceed expeditiously to make the distribution. The trustee may require a written approval of the trust accounting and, at the trustee's election, a refunding agreement, and may withhold a reasonable amount or require a reasonable reserve for debts, expenses and taxes pending them or a judicial settlement of accounts; an approved accounting binds the approving beneficiary and successors. | — | 760 ILCS 3/817 ↗ |
| The decedent dies and the gross estate plus adjusted taxable gifts exceeds the Illinois exclusion amount ($4,000,000, 35 ILCS 405/2) | The return and the tax are due on the due date, including extensions, for the federal return — nine months after the death; a supplemental return within 3 months of a federal change (35 ILCS 405/7). | The person who files the federal return (or who would have to if a federal tax were due) files the Illinois transfer tax return (Form 700) with the Attorney General and pays the tax to the State Treasurer; where no federal return is required, schedules of assets are filed with it. | The Attorney General (the return); the State Treasurer (the tax) | 35 ILCS 405/6 ↗ |
| The trust's tax year ends | The 15th day of the fourth month after year-end (April 15 for a calendar-year trust), with the automatic filing extension. | File the Illinois fiduciary income and replacement tax return where the trust is required to file one, alongside the federal Form 1041. | — | Illinois Form IL-1041 ↗ |
| The testator dies and you hold the will | Immediately upon the death; wilfully secreting a will for 30 days after the death is known is a Class 3 felony. | Any person who has the testator's will in possession files it with the clerk of the court of the proper county; on failure the court may compel its production. | — | 755 ILCS 5/6-1 ↗Пов'язана спадщина |
| A will is admitted (or denied admission) to probate, or a representative is appointed | Not more than 14 days after the order: a copy of the petition and the order mailed to each heir and legatee, or published once a week for 3 successive weeks where a name or address is unknown. | The representative (or the petitioner) mails or publishes the notice, which includes the Supreme Court's explanation of the rights to formal proof and to contest (Ill. S. Ct. R. 108), and files proof. | Each heir and legatee | 755 ILCS 5/6-10 ↗Пов'язана спадщина |
| A will is admitted to probate before notice | Within 42 days after the effective date of the order admitting the will. | Any person entitled to notice may petition to require formal proof of the will by the witnesses' testimony. | — | 755 ILCS 5/6-21 ↗Пов'язана спадщина |
| A will is admitted to probate | Within 6 months after the admission. | Any interested person may petition to contest the will's validity; an action to contest a revocable trust to which the will gives a legacy is commenced within the same time. | — | 755 ILCS 5/8-1 ↗Пов'язана спадщина |
| A married testator's will is admitted to probate | Within 7 months after the admission — or further time the court allows on a petition filed in those 7 months showing pending litigation that affects the spouse's share. | The surviving spouse may renounce the will by a signed written instrument filed in the court where it was admitted, and takes one-third of the estate after claims if the testator leaves a descendant, one-half if none; the spouse's own decision. | — | 755 ILCS 5/2-8 ↗Пов'язана спадщина |
| A resident decedent's estate is administered in Illinois | Nine months' support after the death; paid in up to three installments as the court directs. | The surviving spouse's award — a reasonable sum for nine months' support, not less than $20,000 plus not less than $10,000 for each minor or dependent child residing with the spouse — exempt from creditors' process; a child's award where there is no spouse or the child did not reside with the spouse (755 ILCS 5/15-2). A dependent adult child's award requires written notice within 30 days of the representative's notice. | — | 755 ILCS 5/15-1 ↗Пов'язана спадщина |
| A personal representative is issued letters | Within 60 days after the letters; a supplemental inventory within 60 days after later property comes to the representative's knowledge. | The representative files a verified inventory of the real and personal estate and any cause of action; an independent representative serves the inventory on the interested persons instead, not less than 30 days before the closing report (755 ILCS 5/28-6). | — | 755 ILCS 5/14-1 ↗Пов'язана спадщина |
| A personal representative is appointed | Published once a week for 3 successive weeks and mailed or delivered to each known or reasonably ascertainable creditor; the claims date is not less than 6 months from the first publication or 3 months from the mailing or delivery, whichever is later. | The representative's notice states the death, the representative and the attorney, the claims date, and that a claim not filed by then is barred. | Each known or reasonably ascertainable creditor; publication for the rest | 755 ILCS 5/18-3 ↗Пов'язана спадщина |
| The representative disallows a claim not filed with the court | The notice of disallowance states a date not less than 2 months from the notice by which the claim must be filed with the court, or it is barred. | The representative may at any time pay or consent in writing to a claim that is not barred, or disallow a claim by a notice of disallowance mailed or delivered to the claimant. | — | 755 ILCS 5/18-11 ↗Пов'язана спадщина |
| The decedent dies | 2 years after the death, whether or not letters of office are issued — unless a claim is barred sooner by the creditor notice or a disallowance. | Every claim against the estate, except expenses of administration and the spouse's or child's award, is barred as to all of the decedent's estate; the section does not bar an action to establish the decedent's liability to the extent of liability insurance. | — | 755 ILCS 5/18-12 ↗Пов'язана спадщина |
| 12 months pass after the issuance of letters | Within 60 days after the expiration of the 12 months, or further time the court allows, and thereafter whenever the court requires. | The representative presents a verified account of the administration to the court, unless written consents of all interested persons excuse it. | — | 755 ILCS 5/24-1 ↗Пов'язана спадщина |
| An independent representative files the closing report | Objections within 42 days after the report was filed; a copy of the report mailed not more than 14 days after the filing. | The independent representative mails or delivers an accounting to all interested persons, files the verified report the section describes, and is discharged and the estate closed if no objection is filed within the 42 days. | — | 755 ILCS 5/28-11 ↗Пов'язана спадщина |
| The decedent leaves a small personal estate and no letters are outstanding or contemplated | No day-count; the personal estate, excluding motor vehicles registered with the Secretary of State, does not exceed $150,000. | A person holding the decedent's personal estate pays or delivers it to the persons the affidavit names, on the small estate affidavit in the statutory form; the affiant pays the valid claims in their statutory order before distributing and indemnifies those who rely on the affidavit. A successor's instrument, never the trustee's. | — | 755 ILCS 5/25-1 ↗Пов'язана спадщина |
| An interested person petitions for distribution on summary administration | Notice published once a week for 3 successive weeks, the first publication not less than 30 days before the hearing. | Where the gross estate subject to administration in Illinois does not exceed $100,000 and the section's other conditions are met — among them every heir's and legatee's written consent and each distributee's refunding bond — the court may direct distribution and excuse letters. | — | 755 ILCS 5/9-8 ↗Пов'язана спадщина |
| The trust becomes irrevocable | Before the trust receives income or files under its own number. | Obtain the trust's employer identification number; a revocable trust used the settlor's Social Security number, and that stops at death. | — | IRS Form SS-4 ↗Федеральний |
| The decedent dies | Nine months after death; a six-month extension is available. | File the federal estate tax return when the gross estate exceeds the filing threshold, or to elect portability for a surviving spouse. | — | IRS Form 706 ↗Федеральний |
| The trust's tax year ends | The 15th day of the fourth month after year-end (April 15 for a calendar-year trust). | File the trust's income tax return and issue a Schedule K-1 to each beneficiary who received distributable income. | — | IRS Form 1041 ↗Федеральний |
The two-year period an accounting can start
For a trust that became irrevocable, or a trustee who accepted, after January 1, 2020, a matter adequately disclosed in writing by a trust accounting or otherwise is binding on each person who receives the information, and those the person represents, unless an action against the trustee is instituted within 2 years after the date the information is furnished (760 ILCS 3/1005(a)(1)). A disclosure is adequate if it provides sufficient information so that the person knows of the potential claim or should have inquired into its existence.
Under the older rules, a current or final account binds unless an action is instituted within 3 years (760 ILCS 3/1005(a)(2)). Otherwise a proceeding is commenced within 5 years after the first of the trustee's removal, resignation or death, the end of the beneficiary's interest or the trust's termination (760 ILCS 3/1005(b)); fraudulent concealment follows 735 ILCS 5/13-215.
At termination: the final accounting, the written approval and the reserve
On termination the trustee proceeds expeditiously to make the distribution (760 ILCS 3/817). The trustee may require a written approval of the trust accounting and, at the trustee's election, a refunding agreement, and may withhold a reasonable amount or require a reasonable reserve for debts, expenses and taxes pending them or a judicial settlement of accounts; an approved accounting binds the approving beneficiary and successors. Before the termination the trustee searches for trust property remitted to a state unclaimed-property administrator, and afterward keeps a copy of the governing instrument for at least 7 years (760 ILCS 3/810(e), (f)).
Trusts under the older rules
For a trust that became irrevocable, with a trustee already acting, before January 1, 2020, the trustee furnishes a current account at least annually to the beneficiaries entitled to or receiving the income (or, if none, those eligible to it), and on termination a final account to those entitled to distribution, with prior accounts made available (760 ILCS 3/813.2). Which section governs a particular trust is a question of its own dates.
When the court is involved
An Illinois trust is administered without continuing judicial supervision unless the court orders it (760 ILCS 3/201). At the trustee's election, a current or final trust accounting may be submitted to the court for approval (760 ILCS 3/813.1(i)), and among the remedies for a breach of trust the court may order an account (760 ILCS 3/1001).
When a licensed Illinois attorney is the right next call
TrusteeClear organizes the ledger and the accounting's contents; it does not say whether an accounting adequately discloses a matter or which regime a trust falls under. A licensed Illinois attorney of your choosing can advise on an accounting meant to start the two-year period, a waiver, or a written approval at termination.
Поширені запитання
How often does an Illinois trustee have to account?
At least annually to the current and presumptive remainder beneficiaries, on termination to the residue's takers, and on a vacancy where no co-trustee remains (760 ILCS 3/813.1(b)(2)–(4), (c)).
What goes in an Illinois trust accounting?
The trust property, liabilities, receipts and disbursements, including the trustee's compensation; the value of the assets on hand at the close of the period, to the extent feasible; and all other material facts of the administration (760 ILCS 3/103).
Can an Illinois beneficiary waive the trust accounting?
Yes — a qualified beneficiary may waive it by a writing delivered to the trustee, and may later withdraw the waiver for future accountings (760 ILCS 3/813.1(g)).
How long does an Illinois beneficiary have to sue a trustee after an accounting?
2 years after a trust accounting or other writing that adequately disclosed the matter was furnished (760 ILCS 3/1005(a)(1)); 3 years after a current or final account under the older rules (760 ILCS 3/1005(a)(2)); otherwise the five-year period of 760 ILCS 3/1005(b).
Can an Illinois trustee ask the beneficiaries to sign off on the final accounting?
Yes. On termination the trustee may require a written approval of the trust accounting and, at the trustee's election, a refunding agreement, and may hold a reasonable reserve pending them (760 ILCS 3/817).
Застосовні положення
Limitation on action against trustee
760 ILCS 3/1005 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Recordkeeping and identification of trust property
760 ILCS 3/810 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Duty to inform and account; trusts irrevocable and trustees accepting appointment after effective date of Code
760 ILCS 3/813.1 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Distribution upon termination
760 ILCS 3/817 ↗Зрозуміле просте пояснення; дослівний текст статуту ще не засвідчено в нашій бібліотеці. Дивіться офіційний статут за посиланням вище.
Добрі практики
- Відкрийте окремий рахунок трасту; ніколи не змішуйте кошти трасту з власними.
- Зберігайте кожну квитанцію та фіксуйте кожну виплату одразу, коли вона відбувається.
- Обліковуйте активи за вартістю на дату смерті (або передачі в траст) і за поточною вартістю.
- Документуйте причину кожного розподілу та зберігайте листування з бенефіціарами.
Загальна інформація про законодавство Іллінойсу, не юридична консультація.