Illinois 95th Regular Session Status: Enacted

SB 531 — TRUSTS-SMALL TRUST TERMINATE

Last action — Public Act . . . . . . . . . 95-0605

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 08, 2007. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 3 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Amends the Trusts and Trustees Act. Permits a trustee to terminate a trust if it has a market value of less than $100,000 and the costs of continuing the trust will substantially impair the purpose of the trust. Outlines how distribution shall be made. Provides that a trustee who is an income beneficiary may not participate as a trustee in the exercise of termination power. Provides that the trustee shall give notice to the persons entitled to distribution at least 30 days prior to the effective date of the termination of the trust. Provides that the provisions of the Section concerning small trust termination shall not apply to trusts for domestic or pet animals.

Bill Text

What changed in the latest version

28 added · 27 removed

Plain-language change summary

The updated version of SB 531 now clarifies the conditions under which a trust can be terminated if its market value falls below $100,000. Specifically, it emphasizes that a trustee must obtain consent from the trust's recipients and outlines how the remaining assets should be distributed among them. These changes are important because they ensure a more democratic decision-making process regarding trust termination and protect the interests of all beneficiaries involved.

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SB0531 Engrossed LRB095 04908 AJO 24974 b AN ACT concerning trusts.
SB0531 Enrolled LRB095 04908 AJO 24974 b AN ACT concerning trusts.
To terminate the trust and distribute the trust estate, including principal and accrued and undistributed income, if the trustee determines, in the trustee’s sole discretion, that the market value of a trust is less than $100,000 and that the costs of continuing the trust will substantially impair accomplishment of the purpose of the trust.
To terminate the trust and distribute the trust estate, including principal and accrued and undistributed income, if the trustee determines, in the trustee’s sole discretion with the consent of the recipients, that the market value of a trust is less than $100,000 and that the costs of continuing the trust will substantially impair accomplishment of the purpose of the trust.
Distribution shall be made to the persons then entitled to receive or eligible to have the benefit of the income from the trust in the proportions in which they are entitled thereto, or if their interests are indefinite, to those persons per stirpes SB0531 Engrossed - 2 - LRB095 04908 AJO 24974 b if they have a common ancestor, or if not, then in equal shares.
Distribution shall be made to the persons then entitled to receive or eligible to have the benefit of the income from the trust in the proportions in which they are entitled thereto, or SB0531 Enrolled - 2 - LRB095 04908 AJO 24974 b if their interests are indefinite, to those persons per stirpes if they have a common ancestor, or if not, then in equal shares.
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Action History

  1. Public Act . . . . . . . . . 95-0605

  2. Effective Date June 1, 2008

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. House Committee Amendment No. 1 Senate Concurs 052-000-000

  7. House Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary Civil Law; 007-000-000

  8. House Committee Amendment No. 1 Motion to Concur Rules Referred to Judiciary Civil Law

  9. House Committee Amendment No. 1 Motion to Concur Referred to Rules

  10. House Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Kirk W. Dillard

  11. Placed on Calendar Order of Concurrence House Amendment(s) 01 - June 1, 2007

  12. Secretary's Desk - Concurrence House Amendment(s) 01

  13. Third Reading - Short Debate - Passed 115-000-000

  14. Placed on Calendar Order of 3rd Reading - Short Debate

  15. Second Reading - Short Debate

  16. Placed on Calendar 2nd Reading - Short Debate

  17. Do Pass as Amended / Short Debate Executive Committee; 013-000-000

  18. House Committee Amendment No. 1 Adopted in Executive Committee; by Voice Vote

  19. House Committee Amendment No. 1 Filed with Clerk by Executive Committee

  20. Final Action Deadline Extended-9(b) May 31, 2007

  21. Committee Deadline Extended-Rule 9(b) May 25, 2007

  22. Assigned to Executive Committee

  23. Referred to Rules Committee

  24. First Reading

  25. Chief House Sponsor Rep. Mark H. Beaubien, Jr.

  26. Placed on Calendar Order of First Reading

  27. Arrived in House

  28. Third Reading - Passed; 057-000-000

  29. Placed on Calendar Order of 3rd Reading March 6, 2007

  30. Second Reading

  31. Placed on Calendar Order of 2nd Reading March 2, 2007

  32. Do Pass Judiciary Civil Law; 010-000-000

  33. Assigned to Judiciary Civil Law

  34. Referred to Rules

  35. First Reading

  36. Filed with Secretary by Sen. Kirk W. Dillard

Sponsors

  • Kirk W. Dillard · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Kirk W. Dillard

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Concurrence

Passed 52 Yea · 0 Nay · 7 Other
Party YeaNayPresentNot Voting
Unaffiliated 43006
Democrat 8001
Republican 1000
Total 52007
% of votes cast 88%0%0%12%
How each member voted (59)
Member Party Vote
Halvorson — Yea
Kotowski — Yea
Lauzen — Yea
Luechtefeld — Not Voting
Brady — Yea
Meeks — Yea
Millner — Yea
Noland — Yea
Sullivan — Yea
Munoz — Yea
Peterson — Yea
Radogno — Yea
Schoenberg — Yea
Cullerton — Yea
Jacobs — Yea
Trotter — Yea
Watson — Yea
Jones, J. — Yea
Viverito — Yea
Demuzio — Yea
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Forby — Yea
Frerichs — Yea
Haine — Yea
Hendon — Yea
Hultgren — Yea
Pankau — Not Voting
Raoul — Yea
Righter — Yea
Risinger — Yea
Ronen — Not Voting
Rutherford — Not Voting
Sandoval — Yea
Sieben — Yea
Silverstein — Yea
Link — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Bond — Not Voting
Burzynski — Yea
Garrett — Not Voting
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Not Voting
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Third Reading

Passed 115 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 102003
Democrat 9000
Republican 4000
Total 115003
% of votes cast 97%0%0%3%
How each member voted (118)
Member Party Vote
Munson — Yea
Hamos — Yea
Holbrook — Yea
Jefferies — Yea
Jefferson — Yea
Krause — Yea
Lang — Yea
Leitch — Yea
Lindner — Yea
McAuliffe — Yea
McCarthy — Yea
Mendoza — Yea
Reitz — Yea
Schock — Yea
Scully — Yea
Lyons — Yea
McGuire — Yea
Bradley, John — Yea
Dugan — Yea
Dunn — Yea
Durkin — Yea
Eddy — Yea
Flider — Yea
Flowers — Yea
Fortner — Yea
Franks — Yea
Fritchey — Yea
Bradley, Richard — Yea
Brady — Yea
Mitchell, Bill — Yea
Madigan — Yea
Meyer — Yea
Mitchell, Jerry — Yea
Molaro — Yea
Mulligan — Yea
Burke — Yea
Sullivan — Yea
Myers — Yea
Nekritz — Yea
Hannig — Yea
Osterman — Yea
Harris — Yea
Patterson — Yea
Phelps — Yea
Sommer — Yea
Soto — Yea
Tryon — Yea
Turner — Yea
Watson — Yea
Howard — Yea
Verschoore — Yea
Wait — Yea
Washington — Yea
Yarbrough — Yea
Davis, Monique — Yea
Younge — Yea
Hernandez — Not Voting
Coladipietro — Yea
Cole — Yea
Cross — Yea
Cultra — Yea
Currie — Yea
D'Amico — Yea
Dunkin — Not Voting
Froehlich — Yea
Golar — Yea
Graham — Not Voting
Granberg — Yea
Hassert — Yea
Jakobsson — Yea
Kosel — Yea
Osmond — Yea
Pihos — Yea
Poe — Yea
Pritchard — Yea
Ramey — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Ryg — Yea
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Winters — Yea
Acevedo — Yea
Arroyo — Yea
Bassi — Yea
Beaubien — Yea
Mathias — Yea
Beiser — Yea
Bellock — Yea
Berrios — Yea
Mautino — Yea
Biggins — Yea
Black — Yea
Boland — Yea
May — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Colvin — Yea
Moffitt — Yea
Coulson — Yea
Gordon — Yea
Chapa LaVia — Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
La Shawn K. Ford Democrat Yea
Lakesia Collins Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea
Jil Tracy Republican Yea

Official roll call →

Third Reading

Passed 57 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 49000
Democrat 7002
Republican 1000
Total 57002
% of votes cast 97%0%0%3%
How each member voted (59)
Member Party Vote
Halvorson — Yea
Link — Yea
Luechtefeld — Yea
Meeks — Yea
Millner — Yea
Schoenberg — Yea
Sieben — Yea
Silverstein — Yea
Brady — Yea
Sullivan — Yea
Munoz — Yea
Clayborne — Yea
Forby — Yea
Frerichs — Yea
Garrett — Yea
Haine — Yea
Hendon — Yea
Kotowski — Yea
Lauzen — Yea
Cullerton — Yea
Jacobs — Yea
Watson — Yea
Jones, J. — Yea
Demuzio — Yea
Noland — Yea
Peterson — Yea
Radogno — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Dillard — Yea
Hultgren — Yea
Pankau — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Ronen — Yea
Rutherford — Yea
Sandoval — Yea
Maloney — Yea
Althoff — Yea
Martinez — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Cronin — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Not Voting
Eva-Dina Delgado Democrat Not Voting
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 531 do?
Amends the Trusts and Trustees Act. Permits a trustee to terminate a trust if it has a market value of less than $100,000 and the costs of continuing the trust will substantially impair the purpose of the trust. Outlines how distribution shall be made. Provides that a trustee who is an income beneficiary may not participate as a trustee in the exercise of termination power. Provides that the trustee shall give notice to the persons entitled to distribution at least 30 days prior to the effective date of the termination of the trust. Provides that the provisions of the Section concerning small trust termination shall not apply to trusts for domestic or pet animals.
Who sponsors SB 531?
SB 531 is sponsored by Kirk W. Dillard.
What is the current status of SB 531?
This bill has been enacted into law. Introduced February 08, 2007. Enacted.
Where can I track SB 531?
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