Bill Status of HB 4663   97th General Assembly

Short Description:  TRUSTS-DIRECTED TRUST-APPLIED

House Sponsors
Rep. Emily McAsey

Senate Sponsors
(Sen. Ira I. Silverstein)


Last Action  View All Actions

DateChamber Action
  8/10/2012HousePublic Act . . . . . . . . . 97-0921

Statutes Amended In Order of Appearance
760 ILCS 5/16.3 new
760 ILCS 5/16.7 new

Synopsis As Introduced
Amends the Trusts and Trustees Act. Adds provisions establishing a directed trust as a type of trust and establishes responsibilities among a distribution trust advisor, trust protector, and other parties to the trust. Provides that the changes to a trustee's powers in a directed trust apply to all trusts in existence on the effective date and all trusts created after that date. Provisions concerning the administration of a trust are available to any trust that is administered in Illinois or governed by Illinois law unless the trust instrument expressly prohibits the use of one or more those provisions by specific reference.

House Floor Amendment No. 2
Provides that if a charity is a current beneficiary or a presumptive remainder beneficiary, the trust protector must provide notice to the Attorney General's Charitable Trust Bureau at least 60 days before taking certain actions. Provides that a directing party is subject to the same duties and standards applicable to a trustee under the governing instrument, but the governing instrument may not relieve the directing party from the duty to act in the best interests of the trust.

Actions 
DateChamber Action
  2/1/2012HouseFiled with the Clerk by Rep. Emily McAsey
  2/3/2012HouseFirst Reading
  2/3/2012HouseReferred to Rules Committee
  2/7/2012HouseAssigned to Judiciary I - Civil Law Committee
  2/29/2012HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000
  3/1/2012HousePlaced on Calendar 2nd Reading - Short Debate
  3/16/2012HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Emily McAsey
  3/16/2012HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  3/26/2012HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Emily McAsey
  3/26/2012HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  3/27/2012HouseSecond Reading - Short Debate
  3/27/2012HouseHeld on Calendar Order of Second Reading - Short Debate
  3/28/2012HouseHouse Floor Amendment No. 2 Rules Refers to Judiciary I - Civil Law Committee
  3/29/2012HouseHouse Floor Amendment No. 2 Recommends Be Adopted Judiciary I - Civil Law Committee; 011-000-000
  3/29/2012HouseHouse Floor Amendment No. 2 Adopted by Voice Vote
  3/29/2012HousePlaced on Calendar Order of 3rd Reading - Short Debate
  3/29/2012HouseThird Reading - Short Debate - Passed 106-001-001
  3/29/2012HouseHouse Floor Amendment No. 1 Tabled Pursuant to Rule 40
  3/30/2012SenateArrive in Senate
  3/30/2012SenatePlaced on Calendar Order of First Reading
  3/30/2012SenateChief Senate Sponsor Sen. Ira I. Silverstein
  3/30/2012SenateFirst Reading
  3/30/2012SenateReferred to Assignments
  4/11/2012SenateAssigned to Judiciary
  4/18/2012SenateDo Pass Judiciary; 009-000-000
  4/18/2012SenatePlaced on Calendar Order of 2nd Reading April 19, 2012
  5/2/2012SenateSecond Reading
  5/2/2012SenatePlaced on Calendar Order of 3rd Reading May 3, 2012
  5/16/2012SenateThird Reading - Passed; 055-000-000
  5/16/2012HousePassed Both Houses
  6/14/2012HouseSent to the Governor
  8/10/2012HouseGovernor Approved
  8/10/2012HouseEffective Date January 1, 2013
  8/10/2012HousePublic Act . . . . . . . . . 97-0921

Back To Top