On July 12, 2019, Illinois became the 34th state (along with the District of Columbia) to adopt a version of the Uniform Trust Code (UTC). The new statute, known as the Illinois Trust Code (ITC), has replaced the Illinois Trust and Trustees Act (Act) and other Illinois statutes related to trusts, effective as of January 1, 2020. In addition to adopting the UTC, the ITC codifies numerous concepts of Illinois common law on trusts, including those with respect to fiduciary duties of trustees, creditors’ rights, capacity to create a trust, and remedies for breach of trust. By codifying portions of Illinois common law, the ITC makes these codified concepts easier to plead for practitioners and will hopefully lead to more consistent judicial rulings in such areas.
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