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| [ Introduced ] | [ Engrossed ] | [ Senate Amendment 001 ] |
92_SB0250enr SB250 Enrolled LRB9205911WHcs 1 AN ACT concerning trusts. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Trusts and Trustees Act is amended by 5 changing Section 11 as follows: 6 (760 ILCS 5/11) (from Ch. 17, par. 1681) 7 Sec. 11. Accounts. 8 (a) Every trustee at least annually shall furnish to the 9 beneficiaries then entitled to receive or receiving the 10 income from the trust estate, or if none, then those 11 beneficiaries eligible to have the benefit of the income from 12 the trust estate a current account showing the receipts, 13 disbursements and inventory of the trust estate. A current 14 account shall be binding on the beneficiaries receiving the 15 account and on such beneficiaries' heirs and assigns unless 16 an action against the trustee is instituted by the 17 beneficiary or such beneficiary's heirs and assigns within 3 18 years from the date the current account is furnished. 19 (b) Every trustee shall on termination of the trust 20 furnish to the beneficiaries then entitled to distribution of 21 the trust estate a final account for the period from the date 22 of the last current account to the date of distribution 23 showing the inventory of the trust estate, the receipts, 24 disbursements and distributions and shall make available to 25 such beneficiaries copies of prior accounts not theretofore 26 furnished. Such final accounting shall be binding on the 27 beneficiaries receiving the same and all persons claiming by 28 or through them, unless an action against the trustee is 29 instituted by the beneficiary or person claiming by or 30 through him or her within 3 years from the date the final 31 account is furnished. SB250 Enrolled -2- LRB9205911WHcs 1 (c) With respect to trust estates which terminated and 2 were distributed 10 years or less prior to January 1, 1988, 3 the final account furnished to the beneficiaries entitled to 4 distribution of the trust estate shall be binding on the 5 beneficiaries receiving the same and all persons claiming by 6 or through them, unless an action against the trustee is 7 instituted by the beneficiary or person claiming by or 8 through him or her within 5 years from January 1, 1988 or 9 within 10 years from the date the final account was 10 furnished, whichever is longer. 11 (d) With respect to trust estates which terminated and 12 were distributed more than 10 years prior to January 1, 1988, 13 the final account furnished to the beneficiaries entitled to 14 distribution of the trust estate shall be binding on the 15 beneficiaries receiving the same and all persons claiming by 16 or through them, unless an action against the trustee is 17 instituted by the beneficiary or person claiming by or 18 through him or her within 2 years from January 1, 1988. 19 (e) If a beneficiary is under a legal disability, the 20 account shall be provided to the representative of the estate 21 of the beneficiary and shall be binding on the beneficiary 22 and the beneficiary's estate unless an action against the 23 trustee is instituted by the representative within 3 years 24 from the date the account is furnished. If no 25 representative for the estate of a beneficiary under legal 26 disability has been appointed, the account shall be provided 27 to a spouse, parent, adult child, or guardian of the person 28 of the beneficiary and shall be binding on the beneficiary 29 unless an action is instituted against the trustee by the 30 spouse, parent, adult child, or guardian of the person to 31 whom the account is furnished within 3 years from the date it 32 is furnished. 33 (f) If the trustee is guilty of fraudulent concealment, 34 notwithstanding subsection (a), (b), (c), (d) or (e), the SB250 Enrolled -3- LRB9205911WHcs 1 beneficiary may bring the action within the time limit set 2 forth in Section 13-215 of the Code of Civil Procedure. 3 (g) Receipt of an account by a beneficiary (or other 4 person, as provided) is presumed if the trustee has 5 procedures in place requiring the mailing or delivery of an 6 account to the beneficiary (or other person, as provided). 7 This presumption shall apply to the mailing or delivery of an 8 account by electronic means or the provision of access to an 9 account by electronic means so long as the beneficiary has 10 agreed to receive such electronic delivery or access. 11 (Source: P.A. 89-344, eff. 1-1-96; 89-686, eff. 6-1-97.) 12 Section 99. Effective date. This Act takes effect upon 13 becoming law.