Date: Tuesday, October 27, 2020
Time: 12:00pm - 1:30pm
Location: Webinar - replaces the in-person luncheon programs
Speaker: Adam Damerow and Jane Ditelberg, Katten Muchin Rosenman LLP, The Northern Trust Company
As the practice of law and estate planning becomes more commoditized, trusts face the danger of becoming “one-size fits all.” The trust agreement is the rule book that governs the trust’s assets for the duration of the trust’s existence which could last for generations, or in perpetuity in Illinois. The trust rules must be written in a manner providing flexibility and adaptation to changing internal and external circumstances and unforeseeable events that will occur with respect to the assets, the beneficiaries, and the world at large. Trust forms should be kept current under the existing law and respond to existing family and societal situations, but should also contain sufficient flexibility to withstand the test of time.
This presentation will highlight specific provisions found commonly in trusts, highlight common challenging situations faced by drafting attorneys, trustees, grantors and beneficiaries, and offer sample provisions and solutions in an effort to guide the drafting of more thoughtful trust instruments which will lead to happier clients, beneficiaries and fiduciaries.