SB2842 99TH GENERAL ASSEMBLY

LRB099 18996 HEP 45031 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2842

Introduced 2/17/2016, by Sen. Ira I. Silverstein

SYNOPSIS AS INTRODUCED:

760 ILCS 5/6.5 new

Amends the Trusts and Trustees Act. Provides that the transfer of property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee. Provides that for any interest in real property to become trust property in a trust of which any transferor is a trustee, the instrument of conveyance shall additionally be recorded in the appropriate real property records.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Trusts and Trustees Act is amended by adding Section 6.5 as follows:

(760 ILCS 5/6.5 new)

Sec. 6.5. Transfer of property to trust.

(a) The transfer of property to a trust requires a transfer of legal title to the trustee evidenced by a written instrument of conveyance and acceptance by the trustee.

(b) If the transferor is a trustee of the trust, an interest in real property does not become trust property unless the instrument of conveyance is recorded in the office of the recorder of the county in which the property is located.