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Sen. Ira I. Silverstein
Filed: 2/8/2006
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09400SB2676sam001 |
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LRB094 19015 AJO 55657 a |
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| AMENDMENT TO SENATE BILL 2676
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| AMENDMENT NO. ______. Amend Senate Bill 2676 on page 1, |
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| line 5, by replacing "Section 3-4" with "Sections 2-9 and 3-4"; |
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| and
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| on page 1, by inserting between lines 5 and 6 the following:
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| "(755 ILCS 45/2-9) (from Ch. 110 1/2, par. 802-9)
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| Sec. 2-9. Preservation of estate plan and trusts. In |
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| exercising powers
granted under the agency, including powers of |
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| amendment or revocation and
powers to expend or withdraw |
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| property passing by trust, contract or
beneficiary designation |
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| at the principal's death (such as, without
limitation, |
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| specifically bequeathed property, joint accounts, life
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| insurance, trusts and retirement plans), the agent shall take |
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| the
principal's estate plan into account insofar as it is known |
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| to the agent
and shall attempt to preserve the plan, but the |
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| agent shall not be liable
to any plan beneficiary under this |
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| Section unless the agent acts in bad
faith. An agent may not |
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| revoke or amend a trust revocable or amendable by
the principal |
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| or require the trustee of any trust for the benefit of the
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| principal to pay income or principal to the agent without |
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| specific
authority and specific reference to the trust in the |
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| agency (which shall include accounts held in any financial |
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| institution titled in the name of any trust subject to the |
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| provisions of the Trusts and Trustees Act, and shall |