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(760 ILCS 55/7.5)
Sec. 7.5. Charitable trust for the benefit of a minor or person with a disability;
report.
(a) In the case of a charitable trust established for the benefit of a minor
or person with a disability,
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 person with a disability 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 person with a disability 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
parent or guardian or to the parent or guardian of the person with a disability 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 person with a disability 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
person with a disability, (ii) pay the medical or living expenses of the minor or
person with a disability, or (iii) be used to assist in family expenses of the minor or
person with a disability.
(d) Each and every trustee of a charitable trust for the benefit of a minor
or person with a disability must register under this Act and in addition must file an
annual report as required by Section 7 of this Act.
(Source: P.A. 99-143, eff. 7-27-15.)
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