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welcome to learn about law my name is Kevin o Flaherty from O'Flaherty law and today we're going to explain the Illinois trust code and recent changes to Illinois trust in a state law the Illinois trust code is a new statute that's effective January 1st 2020 and it relates to the law regarding trust in Illinois as you might expect that codifies a lot of what was previously common law that was decided by judges it puts it into a statute and it's an adoption of the Uniform trust go to which has been adopted already by 33 other states most of the dictates of the code can be modified or waived by the creator of a trust by putting specific language in the trust that modifies or waves those dictates some of the dictates of the code cannot so we'll talk about the major changes to Illinois trust law that were put into effect by the Illinois trust code 1 is the notification requirements to beneficiaries according to the code trustees are required to notify beneficiaries of a trust existence within 90 days of the trust becoming irrevocable they also have to notify the beneficiary whether he or she may be entitled to an accounting of the trust an accounting is basically a record of income and out and disbursements of the trust and assets and liabilities owned by the trust the trustee also has to provide beneficiaries with notice in the following situations when one year is passed since the last accounting when there is a new trustee or a trustee resigns when the trustees contact info changes or when there is a change in the trustees compensation another change is that beneficiaries can now act as trustees of their own irrevocable trusts and still retain the benefits that those trusts provide with respect to creditor protection and minimization of estate tax the caveat is that in order for them to retain these benefits of the beneficiaries of the trust are also acting as trustees they can't have any discretion as to when they make payouts to themselves as beneficiaries they have to make distributions according to an ascertainable standard that's stated by the trust so as long as the trustees are making mechanical distributions and not having discretion as to when to make those distributions to beneficiaries the beneficiaries can also be the trust and still get the benefits of creditor protection and estate tax minimization that the irrevocable trust is intended for trustees are required to give more detail in accountings according to the code the code lays out exactly what accountings are required to include and it's more detailed than previous law required the code also shortens the statute of limitations for claims against trustees from three years to two years and it also shortens the statute of limitations for some types of trust contests we have more detail about that in the article associated with this video at learn - about - law comm finally the code creates something called a silent trust and this is for when a parent or grandparent or any sort of loved one wants to create a trust for a young person but doesn't want them to know about the trust or how much money is in it a silent trust allows you to waive notification requirements and accounting requirements to beneficiaries under the age of 30 as long as you name a representative that will receive those notifications in their place so essentially it allows you to create a trust for a young person and not have them know about the trust or know how much money is in it until they reach a certain age but you still have to notify the representative that you've named so if you have any questions you can leave them in the comment section below this post I learned - about - law comm or below the video on our youtube station if you need some help please give us a call at six three zero three two four six six six six that's six three zero three two four six six six six we offer free consultations in many areas of law we have several geographic locations for your convenience if you found this helpful we'd love it if you'd subscribe to us on YouTube SoundCloud Apple podcasts or wherever you listen to your podcast and watch your videos thank you so much for watching and listening thanks so much for watching our video if you have any questions feel free to comment below click the subscribe button for new videos every week and download and review us on iTunes visit learn - about - law comm for other legal related articles and videos visit our business podcast and video blog seizure business comm and visit making real estate fun for real estate videos and podcasts call us at six three zero three two four six six six six for free consultation