Effective January 1, 2010, Illinois enacted its Virtual Representation Statute which enlarges the circumstances under which a trustee and certain beneficiaries can modify an irrevocable trust by nonjudicial agreement. This modification can be made without the expense of going to court.
The Virtual Representation Statute does two things. It greatly expands the application of virtual representation, under which certain beneficiaries who are adults with capacity can represent other beneficiaries, including minors, unborn children, disabled beneficiaries and beneficiaries with remote contingent interests. Also, it expands and clarifies the matters that can be resolved by the interested parties in a trust through nonjudicial agreement.
Contact an estate planning law firm for further information.