Illinois SB1667 amends the Illinois Trust Code and the Revised Uniform Unclaimed Property Act, focusing on unclaimed property and trust management.
Illinois SB1667 amends the Illinois Trust Code by requiring trustees to maintain copies of governing trust instruments for seven years post-termination. It also modifies the Revised Uniform Unclaimed Property Act by establishing procedures for agreements between owners and finders, including licensing requirements and fee limits. The bill mandates that property held in tax-deferred accounts is presumed abandoned 20 years after the account's opening. Additionally, it requires state agencies to report unclaimed funds of deceased state employees to the Treasurer's Office.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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