Illinois SB0264 amends the Illinois Trust Code to allow virtuous trusts for noncharitable purposes without definite beneficiaries.
SB0264 amends the Illinois Trust Code to introduce the concept of a "virtuous trust," 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 designate categories of stakeholders for whose benefit the trust is created. The bill outlines provisions for the creation, management, and enforcement of virtuous trusts, including the appointment of a trust purpose committee and trust enforcers.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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