SB2676sam001 94TH GENERAL ASSEMBLY

Sen. Ira I. Silverstein

Filed: 2/8/2006

09400SB2676sam001 LRB094 19015 AJO 55657 a

AMENDMENT TO SENATE BILL 2676

AMENDMENT NO. ______. Amend Senate Bill 2676 on page 1, line 5, by replacing "Section 3-4" with "Sections 2-9 and 3-4"; and

on page 1, by inserting between lines 5 and 6 the following:

"(755 ILCS 45/2-9) (from Ch. 110 1/2, par. 802-9)

Sec. 2-9. Preservation of estate plan and trusts. In exercising powers granted under the agency, including powers of amendment or revocation and powers to expend or withdraw property passing by trust, contract or beneficiary designation at the principal's death (such as, without limitation, specifically bequeathed property, joint accounts, life insurance, trusts and retirement plans), the agent shall take the principal's estate plan into account insofar as it is known to the agent and shall attempt to preserve the plan, but the agent shall not be liable to any plan beneficiary under this Section unless the agent acts in bad faith. An agent may not revoke or amend a trust revocable or amendable by the principal or require the trustee of any trust for the benefit of the principal to pay income or principal to the agent without specific authority and specific reference to the trust in the agency (which shall include accounts held in any financial institution titled in the name of any trust subject to the provisions of the Trusts and Trustees Act, and shall specifically exclude any Totten Trust, Payable on Death Account, or comparable trust account arrangement where the terms of such trust are contained entirely on the financial institution's signature card). The agent shall have access to and the right to copy (but not to hold) the principal's will, trusts and other personal papers and records to the extent the agent deems relevant for purposes of this Section.

(Source: P.A. 85-701.)".