TRUSTS-SETTLEMENT-ACCOUNTS

Illinois General Assembly - Full Text of HB5023

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HB5023 - 104th General Assembly

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104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB5023

Introduced 2/10/2026, by Rep. Daniel Didech

SYNOPSIS AS INTRODUCED:

760 ILCS 3/822 new

Amends the Article in the Illinois Trust Code governing the duties and
powers of trustees to provide a procedure for settlement of accounts.
Provides that a trustee may obtain a settlement of its accounts if a trust
terminates under the terms of the trust, a trust terminates early, a
trustee resigns or is removed, or a trustee seeks discharge of an interim
accounting period if the interest of one or more beneficiaries has
terminated and the trust is continuing. Provides that a trustee who elects
to use the new provisions must provide notice and a statement of
information to the qualified beneficiaries of the trust and the successor
trustee, if applicable, within a reasonable time after termination of the
trust under its terms, the resignation or removal of the trustee, or the
end of the period for which the trustee is seeking discharge. Provides
that, if, after receiving the notice and trust information, a qualified
beneficiary or any other party that received the notice and trust
information objects to a disclosed act or omission, the qualified
beneficiary must provide written notice of the objection to the trustee
not later than 60 days after the notice was sent by the trustee. Provides
that, if no written objection is provided in the 60-day time period, the
information provided is considered approved by the recipient. Requires the
trustee, in the case of a trust terminating under the terms of the trust or
the trustee's resignation or removal, within a reasonable period of time
following the expiration of the 60-day time period, to distribute the
assets as provided in the trust or to the successor trustee. Provides that,
if a qualified beneficiary gives the trustee a written objection within
the applicable 60-day time period, the trustee or the qualified
beneficiary may (i) submit the written objection to the court for
resolution and charge the expense of commencing a proceeding to the trust
or (ii) resolve the objection by a nonjudicial settlement agreement or
other written agreement. Makes other changes.
LRB104 19374 JRC 32822 b

A BILL FOR

HB5023
LRB104 19374 JRC 32822 b
1

AN ACT concerning civil law.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The Illinois Trust Code is amended by adding
5
Section 822 as follows:

6

(760 ILCS 3/822 new)
7

Sec. 822.
Settlement of accounts.
8

(a) A trustee may obtain a settlement of its accounts
9
under subsection (b) if:
10

(1) a trust terminates under the terms of the trust;
11

(2) a trust terminates early under Section 414;
12

(3) a trustee resigns or is removed; or
13

(4) a trustee seeks discharge of an interim accounting
14

period when the interest of one or more beneficiaries has
15

terminated and the trust is continuing.
16

(b)(1) A trustee who elects to proceed under this Section
17
shall provide all of the following to the qualified
18
beneficiaries of the trust and the successor trustee, if
19
applicable, within a reasonable time after termination of the
20
trust under its terms, the resignation or removal of the
21
trustee, or the end of the period for which the trustee is
22
seeking discharge:
23

(A) a statement showing the market value, as set forth

HB5023
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LRB104 19374 JRC 32822 b
1

on the most recent accounting as determined under Section
2

813.1 or 813.2 of the new assets to be distributed from a
3

terminating trust or to a successor trustee;
4

(B) a trust accounting for the prior 5 years showing
5

all receipts and disbursements and inventory value of the
6

net assets;
7

(C) an estimate for any items reasonably anticipated
8

to be received or disbursed;
9

(D) the amount of any fees, including trustee fees,
10

remaining to be paid;
11

(E) notice that the trust is terminating, or that the
12

trustee has resigned or been removed, the time period for
13

which the trustee seeks discharge of its accounts, and a
14

statement providing that claims against a trustee under
15

Sections 604 and 1005, if applicable, are barred if no
16

objections are received within the time period described
17

in subsection (c);
18

(F) the name and mailing address of the trustee;
19

(G) the name and telephone number of a person who may
20

be contacted for additional information; and
21

(H) a statement that the trustee is unaware of any
22

undisclosed information that could give rise to a claim by
23

an interested party.
24

(2) The trustee may also provide the statement and notice
25
described in this subsection to any other person who the
26
trustee reasonably believes may have an interest in the trust.

HB5023
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LRB104 19374 JRC 32822 b
1

(3) The statement and notice described in this subsection
2
shall be provided to the qualified beneficiaries and any
3
interested party from whom the trustee is seeking a release
4
via first class mail and certified mail, return receipt
5
requested.
6

(c)(1) If, after receiving the notice and trust
7
information described in subsection (b), a qualified
8
beneficiary or any other party that received the notice and
9
trust information objects to a disclosed act or omission, the
10
qualified beneficiary shall provide written notice of the
11
objection to the trustee no later than 60 days after the notice
12
was sent by the trustee. If no written objection is provided in
13
the 60-day time period, the information provided under
14
subsection (b) is considered approved by the recipient. The
15
trustee, in the case of a trust terminating under the terms of
16
the trust or the trustee's resignation or removal, within a
17
reasonable period of time following the expiration of the
18
60-day time period, shall distribute the assets as provided in
19
the trust or to the successor trustee. If a qualified
20
beneficiary gives the trustee a written objection within the
21
applicable 60-day time period, the trustee or the qualified
22
beneficiary may:
23

(A) submit the written objection to the court for
24

resolution and charge the expense of commencing a
25

proceeding to the trust; or
26

(B) resolve the objection by a nonjudicial settlement

HB5023
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LRB104 19374 JRC 32822 b
1

agreement or other written agreement.
2

(2) Any agreement entered into under paragraph (1) may
3
include a release, an indemnity clause, or both, on the part of
4
the beneficiary against the trustee relating to the trust. If
5
the parties agree to a nonjudicial settlement agreement or
6
other written agreement, any related expenses shall be charged
7
to the trust. Upon a resolution of an objection under this
8
subsection, within a reasonable period of time, the trustee
9
shall distribute the remaining trust assets as provided in the
10
trust or to the successor trustee.
11

(3) A trustee who elects to terminate a trust under this
12
Section and sends the notice and statement to the qualified
13
beneficiaries within a reasonable time following notification
14
of an event that terminates a trust is considered to have
15
expeditiously made distribution to the qualified beneficiaries
16
in which distribution of trust assets occurs following within
17
a reasonable time following the expiration of the 60-day time
18
period in paragraph (1).
19

(d) The trustee may rely upon the written statement of a
20
person receiving notice that the person does not object.
21

(e) When a trustee distributes assets of a terminating
22
trust or to the successor trustee after complying with this
23
Article and having received no objections, each person who
24
received notice and either consented or failed to object under
25
this Section is barred from:
26

(1) bringing a claim against the trustee or

HB5023
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LRB104 19374 JRC 32822 b
1

challenging the validity of the trust to the same extent
2

and with the same preclusive effect as if the court had
3

entered a final order approving the trustee's final
4

account; or
5

(2) bringing a claim against the trustee for the
6

period of the interim accounts to the same extent and with
7

the same preclusive effect as if the court had entered a
8

final order approving the trustee's interim accounts.
9

(f) The court, as determined under Section 202, has
10
exclusive jurisdiction over matters under this Section.
11

(g) Sections 3301 through 304 apply to this Section.
12

(h) Nothing in this Section precludes a trustee from
13
proceeding under Section 7201 to have the trustee's accounts
14
reviewed and settled by the court.

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