SB0063 99TH GENERAL ASSEMBLY

LRB099 01013 HEP 21019 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB0063

Introduced 1/15/2015, by Sen. Chris Nybo

SYNOPSIS AS INTRODUCED:

760 ILCS 5/18.5 new

Amends the Trusts and Trustees Act. Provides that by accepting a benefit under a trust instrument, the beneficiary admits the instrument to be a valid trust. Provides that a beneficiary of a trust may not accept a benefit under the instrument and at the same time set up a claim which is contrary to the substantive terms of the trust.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Trusts and Trustees Act is amended by adding Section 18.5 as follows:

(760 ILCS 5/18.5 new)

Sec. 18.5. Acceptance of trust terms. By accepting a benefit under a trust instrument, the beneficiary admits the instrument to be a valid trust. A beneficiary of a trust may not accept a benefit under the instrument and at the same time set up a claim which is contrary to the substantive terms of the trust.