Illinois HB4436 amends the Illinois Trust Code to introduce the concept of "virtuous trusts," which can be created for business or noncharitable.
HB4436 amends the Illinois Trust Code to allow the creation of "virtuous trusts," which can serve business or other noncharitable purposes without needing a definite or ascertainable beneficiary. These trusts can hold ownership interests in various entities and can be enforced by trust enforcers appointed in the trust instrument. The bill specifies that virtuous trusts must be created by written instruments and outlines the roles and powers of the trust purpose committee and trust enforcers.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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