93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4594


 
Introduced 02/04/04, by Mark H. Beaubien Jr.
 
SYNOPSIS AS INTRODUCED:
 		













760 ILCS 5/5.5 new










    Amends the Illinois Trust and Trustees Act.  Provides anti-lapse provisions for gifts to a deceased beneficiary of an inter vivos trust, unless the settlor expressly provides otherwise in his or her trust.  Provides that the anti-lapse provisions do not apply to a future interest that is or becomes indefeasibly vested at the settlor's death or at any time thereafter before it takes effect in possession or enjoyment.



















LRB093 18825 LCB 44560 b




















 


 


A BILL FOR









 














HB4594

LRB093 18825 LCB 44560 b









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    AN ACT concerning trusts.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Trusts and Trustees Act is amended  by adding 
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Section 5.5 as follows:
 
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    (760 ILCS 5/5.5  new)
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    Sec. 5.5. Gift to a deceased beneficiary under an inter 
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vivos trust. Unless the settlor expressly provides otherwise in 
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his or her trust:
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        (1) if a gift of a present or future interest is to a 
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    descendant of the settlor who dies before or after the 
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    settlor, the descendants of the deceased beneficiary 
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    living when the gift is to take effect in possession or 
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    enjoyment take per stirpes the gift so bequeathed;

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        (2) if a gift of a present or future interest is to a 
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    class and any member of the class dies before or after the 
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    settlor, the members of the class living when the gift is 
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    to take effect in possession or enjoyment take the share or 
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    shares that the deceased member would have taken if he or 
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    she were then living, except that, if the deceased member 
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    of the class is a descendant of the settlor, the 
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    descendants of the deceased member then living shall take 
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    per stirpes the share or shares that the deceased member 
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    would have taken if he or she were then living; and

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        (3) except as above provided in items (1) and (2), if 
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    the gift is not to a descendant of the settlor or is not to 
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    a class as provided in items (1) and (2) and if the 
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    beneficiary dies either before or after the settlor and 
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    before the gift is to take effect in possession or 
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    enjoyment, then the gift shall lapse. If the gift lapses by 
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    reason of the death of the beneficiary before the gift is 
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    to take possession or enjoyment, then the gift so given 
 


 









HB4594
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LRB093 18825 LCB 44560 b







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    shall be included in and pass as part of the residue of the 
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    trust under the trust. If the gift is or becomes part of 
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    the residue, the gift so bequeathed shall pass to and be 
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    taken by the beneficiaries remaining, if any, of the 
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    residue in proportions and upon trusts corresponding to 
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    their respective interests in the residue of the trust.

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    The provisions of items (1) and (2) do not apply to a 
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    future interest that is or becomes indefeasibly vested at the 
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    settlor's death or at any time thereafter before it takes 
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    effect in possession or enjoyment.
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    The provisions of this Section apply on and after January 
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    1, 2005 for any gifts to a deceased beneficiary under an inter 
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    vivos trust where the deceased beneficiary dies after January 
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    1, 2005 and before the gift is to take effect in possession or 
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    enjoyment.