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We saw that a recent amendment to the Trusts and Trustees Act sets up a certification of trust process. Do we need to have certifications on file for our current trust accounts? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We saw that a recent amendment to the Trusts and Trustees Act sets up a certification of trust process. Do we need to have certifications on file for our current trust accounts?

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No. The certification of trust procedure under the new law is voluntary, and it is not necessary to obtain certifications for your existing trust accounts.

For resources related to our guidance, please see:

  • Trusts and Trustees Act, 760 ILCS 5/8.5 (added by Public Act 99-337) (“Instead of furnishing a copy of the trust instrument . . . the trustee may furnish to the person a certification of trust containing the following information . . . .”)