Review of Illinois Revocable Trusts Recommended in Light of New Illinois Trust Code

Katten Muchin Rosenman LLP
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On July 12, Governor Pritzker signed into law the new Illinois Trust Code (ITC), which is effective January 1, 2020. The ITC contains a number of important modifications to existing Illinois law, and as a result many revocable trusts will need to be updated. However, trusts which were irrevocable prior to January 1, 2020 are generally "grandfathered," so updates to these trusts to address the ITC may not be required. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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