TRUST CD-VIRTUOUS TRUSTS
Sponsored By: Robert Peters (Democratic)
In Committee
Summary
Amends the Illinois Trust Code. Allows a virtuous trust to be created for a business or other noncharitable purpose without a definite or definitely ascertainable beneficiary. Requires a virtuous trust to be created by a written instrument. Allows a virtuous trust to hold an ownership interest of any corporation, partnership, limited partnership, cooperative, limited liability company, limited liability partnership, or joint venture. Provides that a trustee of a virtuous trust or a virtuous trust shall not be deemed to violate the trustee's duties by virtue of the trustee investing and managing the trust's assets pursuant to the terms and the purposes of the trust. Exempts a virtuous trust from the common law rule against perpetuities. Allows a virtuous trust to be enforced by one or more trust enforcers appointed in the trust instruction, and allows a virtuous trust instrument to provide for appointing successor trust enforcers. Requires a virtuous trust to have a trust purpose committee with at least 3 persons as members. Includes provisions related to the trust purpose committee, including appointment procedures, voting procedures, powers of the committee, resignation procedures, and reporting requirements. Provides that property of a virtuous trust may be applied only to its intended use. Allows the trust purpose committee and the trust enforcers to modify or terminate a virtuous trust by unanimous agreement. Prohibits a person serving as a trustee from serving as a trust enforcer or as a member of the trust purpose committee. Makes conforming changes.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Robert Peters
Democratic • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Rule 3-9(a) / Re-referred to Assignments
4/11/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
4/4/2025SenateRule 2-10 Committee Deadline Established As April 4, 2025
3/21/2025SenateAssigned to Judiciary
2/4/2025SenateReferred to Assignments
1/24/2025SenateFirst Reading
1/24/2025SenateFiled with Secretary by Sen. Robert Peters
1/24/2025Senate
Bill Text
Introduced
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