Clifford R. Holm
As of January 1, 2020, numerous changes to the law regarding trusts took effect in Illinois. Herein, we are focusing on the one change we think clients should be most concerned about: A trustee’s duty to inform trust beneficiaries of the existence of the trust and providing them with financial records regarding the trust.
Trust Administration Trust administration generally refers to the management of assets based on a set of rules for the benefit of people who are called “beneficiaries”. The person charged with managing the trust assets for the beneficiaries is called a “trustee.” As one can imagine beneficiaries and trustees have some competing interests: beneficiaries have the […]