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HB4389 Engrossed |
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LRB093 18305 LCB 44010 b |
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| AN ACT concerning trusts.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Trusts and Trustees Act is amended by |
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| changing Section 4.20 as follows:
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| (760 ILCS 5/4.20) (from Ch. 17, par. 1674)
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| Sec. 4.20. To distribute income and discretionary amounts |
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| of principal in such one
or more of the following ways as the |
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| trustee believes to be for the best
interests of any |
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| beneficiary who at the time of distribution is under legal
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| disability or in the opinion of the trustee is unable properly |
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| to manage
his affairs because of illness, physical or mental |
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| disability or any other
cause:
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| (a) directly to the beneficiary;
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| (b) to a duly appointed guardian of the beneficiary;
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| (c) to a custodian for the beneficiary under the Uniform |
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| Transfers to Minors
Act;
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| (d) to an adult relative of the beneficiary;
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| (e) by expending the money or using the property directly |
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| for the
benefit of the beneficiary;
and the trustee is not |
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| required to see to the application of any
distribution so made; |
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| and . |
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| (f) to a trust, created prior to the time the distribution |
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| becomes payable, for the sole benefit of the beneficiary and |
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| those dependent upon the beneficiary during his or her |
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| lifetime, to be administered as a part thereof, except that any |
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| amounts distributed to the trust pursuant to this paragraph (f) |
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| shall be separately accounted for by the trustee of the trust |
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| and shall be indefeasibly vested in the beneficiary so that if |
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| the beneficiary dies prior to complete distribution of such |
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| amounts, the amounts and the accretions, earnings, and income |
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| thereon, if any, shall be paid to the beneficiary's estate; |