GA96SB188 96 SB 188 TRUSTS-VIRTUAL REPRESENTATION Amends the Trusts and Trustees Act. Provides that a trust may be converted to a total return trust by an agreement of the trustee and all primary beneficiaries or all beneficiaries receiving income or principal and presumptive trust remaindermen (instead of all primary beneficiaries under the applicable virtual representation provisions of the Act). Provides that if there is no conflict of interest, a represented person, including a primary beneficiary or presumptive remainder beneficiary, and a minor, disabled, or unborn or unknown persons may be represented and bound by a party with a substantially identical interest. Provides that a total return trust conversion may be made between the trustee and all primary beneficiaries or other beneficiaries and presumptive remaindermen. Provides that a trust that provides a beneficial interest to a charity or charitable purpose not specifically named in the trust shall be known as a charitable interest and the Attorney General may represent and act on behalf of the charitable interest as to any dispute, including a nonjudicial settlement or a total return trust conversion. Provides that a nonjudicial settlement agreement between a trustee and all interested parties whose consent or joinder would be required for court approval is valid as to the matters of a trustee's appointment, compensation, liability, or indemnification (instead of if all primary beneficiaries of a trust are adults any written agreement, other than a trust termination agreement, construing trust provisions regarding the trustee, between a trustee and all of the primary beneficiaries of a trust shall be final and binding on the trustee and all beneficiaries of the trust, both current and future, as if ordered by a court). These provisions apply to all existing and future trusts, court proceedings, and agreements entered into under this Section on or after the effective date (instead of these provisions apply to all existing and future trusts, but only as to agreements made on or after the effective date). Includes other provisions. http://www.ilga.gov/legislation/BillStatus.asp?DocNum=188&GAID=10&DocTypeID=SB&LegId=40662&SessionID=76&GA=96 2009-08-14 00:00:00 Senate Public Act . . . . . . . . . 96-0479 1 30 2009-08-14 00:00:00 Senate Governor Approved 0 28 2009-08-14 00:00:00 Senate Effective Date January 1, 2010 0 29 2009-06-17 00:00:00 Senate Sent to the Governor 0 27 2009-05-19 00:00:00 House Third Reading - Short Debate - Passed 115-000-000 1 25 2009-05-19 00:00:00 Senate Passed Both Houses 0 26 2009-05-18 00:00:00 House Placed on Calendar Order of 3rd Reading - Short Debate 0 24 2009-05-14 00:00:00 House Placed on Calendar 2nd Reading - Short Debate 0 22 2009-05-18 00:00:00 House Second Reading - Short Debate 1 23 2009-05-14 00:00:00 House Do Pass / Short Debate Executive Committee; 011-000-000 0 21 HEXC 2009-04-14 00:00:00 House Assigned to Executive Committee 0 19 HEXC 2009-05-08 00:00:00 House Committee/Final Action Deadline Extended-9(b) May 22, 2009 0 20 2009-03-25 00:00:00 House First Reading 1 17 2009-03-25 00:00:00 House Referred to Rules Committee 0 18 HRUL 2009-03-25 00:00:00 House Chief House Sponsor Rep. Mark H. Beaubien, Jr. 0 16 2009-03-25 00:00:00 House Placed on Calendar Order of First Reading 0 15 2009-03-25 00:00:00 House Arrived in House 0 14 2009-03-25 00:00:00 Senate Third Reading - Passed; 059-000-000 1 13 2009-02-27 00:00:00 Senate Second Reading 1 11 2009-02-27 00:00:00 Senate Placed on Calendar Order of 3rd Reading March 4, 2009 0 12 2009-02-23 00:00:00 Senate Senate Committee Amendment No. 1 Referred to Assignments 0 6 SCOA 2009-02-25 00:00:00 Senate Senate Committee Amendment No. 1 Assignments Refers to Judiciary 0 7 SJUD 2009-02-25 00:00:00 Senate Placed on Calendar Order of 2nd Reading February 26, 2009 0 10 2009-02-25 00:00:00 Senate Do Pass as Amended Judiciary; 011-000-000 0 9 SJUD 2009-02-25 00:00:00 Senate Senate Committee Amendment No. 1 Adopted 0 8 2009-02-23 00:00:00 Senate Senate Committee Amendment No. 1 Filed with Secretary by Sen. Kirk W. Dillard 0 5 2009-02-19 00:00:00 Senate Postponed - Judiciary 0 4 SJUD 2009-02-10 00:00:00 Senate Assigned to Judiciary 0 3 SJUD 2009-02-03 00:00:00 Senate Referred to Assignments 0 2 SCOA 2009-02-03 00:00:00 Senate First Reading 1 1 2009-02-03 00:00:00 Senate Filed with Secretary by Sen. Kirk W. Dillard 0 0 MarkHBeaubienJr House Chief Sponsor KirkWDillard Senate Chief Sponsor