Illinois HB4436 amends the Illinois Trust Code to allow virtuous trusts for business or noncharitable purposes without definite beneficiaries.
Illinois HB4436 amends the Illinois Trust Code to introduce the concept of "virtuous trusts," which can be created for business or other noncharitable purposes without requiring a definite or ascertainable beneficiary. These trusts must be established by a written instrument and can hold ownership interests in various business entities. A virtuous trust can be enforced by one or more trust enforcers appointed in the trust instrument, with provisions for appointing successors.
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