State of Illinois
91^st General Assembly
Public Acts

Public Act 91-0620

SB392 Enrolled                                 LRB9101147ACpk

    AN ACT to  amend  the  Charitable  Trust  Act  by  adding
Section 7.5.

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

    Section 5. The Charitable Trust Act is amended by  adding
Section 7.5 as follows:

    (760 ILCS 55/7.5 new)
    Sec. 7.5.  Charitable trust for the benefit of a minor or
disabled person; report.
    (a)  In  the  case  of a charitable trust established for
the benefit of a minor or  disabled  person,  the  person  or
trustee  responsible  for  the  trust, if not the guardian or
parent, shall report its existence by certified or registered
United States mail to the parent or guardian of the minor  or
disabled  person  within 30 days after formation of the trust
and every 6 months  thereafter.   The  written  report  shall
include  the  name  and  address  of  the trustee or trustees
responsible for the  trust,  the  name  and  address  of  the
financial  institution at which funds for the trust are held,
the amount of funds raised for the  trust,  and  an  itemized
list of expenses for administration of the trust.
    The  guardian  of  the  estate  of  the minor or disabled
person shall report the existence of the trust as part of the
ward's estate to the court that  appointed  the  guardian  as
part  of  its  responsibility  to manage the ward's estate as
established under Section 11-13 of the Probate Act  of  1975.
Compliance   with  this  Section  in  no  way  affects  other
requirements for trustee  registration  and  reporting  under
this Act or any accountings or authorizations required by the
court handling the ward's estate.
    (b)  If a person or trustee fails to report the existence
of  the  trust  to the minor's or disabled person's parent or
guardian as required in this Section, the person  or  trustee
is  subject  to  injunction,  to  removal, to account, and to
other  appropriate  relief  before  a  court   of   competent
jurisdiction exercising chancery jurisdiction.
    (c)  For  the purpose of this Section, a charitable trust
for the benefit of a minor or disabled  person  is  a  trust,
including   a   special  needs  trust,  that  receives  funds
solicited from the public  under  representations  that  such
will  (i)  benefit a needy minor or disabled person, (ii) pay
the medical or living  expenses  of  the  minor  or  disabled
person,  or (iii) be used to assist in family expenses of the
minor or disabled person.
    (d)  Each and every trustee of a charitable trust for the
benefit of a minor or disabled  person  must  register  under
this  Act  and  in  addition  must  file  an annual report as
required by Section 7 of this Act.

    Section 99.  Effective date.  This Act takes effect  upon
becoming law.