Senate Sponsors: O'MALLEY. House Sponsors: WAIT-MATHIAS Short description: TRANSFERS TO MINORS-TRUST Synopsis of Bill as introduced: Amends the Illinois Uniform Transfers to Minors Act. Defines "qualified minor's trust" as any trust (including a trust created by the custodian) (i) of which the minor is the sole beneficiary and (ii) that satisfies the requirements of the Internal Revenue Code concerning the federal gift tax and transfers for the benefit of a minor. Provides that at any time, a custodian may transfer part or all of the custodial property to a qualified minor's trust without a court order. Provides that such a transfer terminates the custodianship to the extent of the transfer. Last action on Bill: PUBLIC ACT.............................. 91-0090 Last action date: 99-07-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status