Illinois SB1667 amends the Illinois Trust Code and the Revised Uniform Unclaimed Property Act.
Illinois SB1667 amends the Illinois Trust Code by requiring trustees to maintain governing trust instrument records for seven years post-termination. It also mandates trustees to protect and control trust property, keep records separate from personal assets, and invest multiple trusts together if interests are clearly indicated. The bill amends the Revised Uniform Unclaimed Property Act by establishing a procedure for agreements between owners and finders to locate or recover property held by the State Treasurer. It requires finders to be licensed and sets qualifications for licensure.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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