Amends the Illinois Trust Code to establish a procedure for trustees to settle accounts.
The bill amends the Illinois Trust Code to provide a procedure for trustees to settle their accounts. Trustees may obtain a settlement if a trust terminates under its terms, terminates early, a trustee resigns or is removed, or a trustee seeks discharge of an interim accounting period. Trustees must notify qualified beneficiaries and interested parties of the settlement and provide them with trust information. If no objections are received within 60 days, the trustee can proceed with the settlement.
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