If you’re named as a beneficiary of a trust in Illinois, you have legal rights that protect your interests and ensure that the trust is managed fairly and in accordance with the law. Understanding these rights can help you stay informed and empowered throughout the life of the trust.
1. Right to Information
As a beneficiary, you’re entitled to receive reasonable information about the trust and its administration. This includes the right to request a copy of the trust document and to receive updates about trust activity, such as annual accountings or reports.
2. Right to Timely Distributions
You have the right to receive any distributions you’re entitled to under the terms of the trust. While the trustee may have some discretion depending on the trust language, they cannot unreasonably delay or withhold distributions.
3. Right to a Duty of Loyalty
Trustees in Illinois owe you a fiduciary duty. This means they must act in your best interests, avoid conflicts of interest, and manage the trust with care, skill, and prudence. If a trustee breaches this duty, you may have legal grounds to take action.
4. Right to Accountability
You can ask for an accounting of how the trustee is managing the trust. This includes how assets are being invested, what expenses are being paid, and what income or distributions are being made.
5. Right to Legal Recourse
If a trustee is mismanaging the trust or violating your rights, you have the right to petition the court for relief. This could include asking the court to remove the trustee, compel distributions, or order repayment of losses to the trust.
Being a beneficiary doesn’t mean you’re powerless. Illinois law provides you with tools to ensure transparency, fairness, and proper management. If you ever feel that your rights are being violated, it’s wise to consult an estate or trust attorney to explore your options.
