New trust code is yet another reason to review your estate plan

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By Lindsey Paige Markus

Lindsey Paige Markus, a shareholder at Chuhak & Tecson P.C., draws on her early career in business, finance and clinically applied neuroscience to communicate with clients and develop creative solutions to fit their estate planning, wealth protection and corporate needs. Lindsey is a dynamic contributor to local news outlets, and has been recognized one of the 40 Under Forty.

Posted June 11, 2020 10:04 AM

For the longest time, Illinois refrained from joining the other states that had converted to some form of the Uniform Trust Code, and Illinois stood fast for years with the Illinois Trusts and Trustees Act. However, in 2019, the legislature finally passed the new version of the act, and the new Illinois Trust Code implemented so many changes that the legislature even changed the name.Fortunately for clients with revocable living trusts in place, most of the changes impact the administration of the trust after death. For …

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