Illinois trust and estate accounting format

Two statutes, one format

Summafolio uses the uniform principal-and-income layout for Illinois and makes sure it covers what the two governing statutes require. Check your circuit court's local rules for any required form before filing.

Trustees: 760 ILCS 3/813.1

The Illinois Trust Code took effect January 1, 2020, and section 813.1 sets the duty to inform and account for trusts that became irrevocable after that date (trusts that were already irrevocable fall under section 813.2, which requires an annual current account of receipts, disbursements and inventory to the income beneficiaries and a final account on termination). The trustee must:

• send a trust accounting at least annually to all current beneficiaries and to all presumptive remainder beneficiaries;
• send a final accounting, on termination, to everyone entitled to the residue;
• within 90 days, notify each qualified beneficiary of the trust's existence, the right to request the instrument, and whether they may receive or request accountings.

For assets with no readily available market value, the trustee may estimate a value or use a nominal carrying value, and decides whether and how often to use an appraiser (813.1(b)(8)). A qualified beneficiary may waive accountings in writing and later withdraw the waiver. A trustee may also ask a court to approve a current or final accounting, with the costs charged to the trust.

Representatives of decedents' estates: 755 ILCS 5/24-1

Within 60 days after 12 months from the issuance of letters, and afterwards whenever the court requires, the representative presents a verified account stating receipts and disbursements since the last accounting and all real and personal estate on hand, with whatever evidence of disbursements the court requires (755 ILCS 5/24-1). If all interested persons file written consents, the court may excuse the account.

Principal and income

Illinois's allocation rules are in the Principal and Income Act (760 ILCS 15), which 813.1 refers to for allocating the cost of a court accounting. The Trust Code's Article 11 separately governs conversion to a total return trust (760 ILCS 3/1101).

What Summafolio produces

An Illinois account in the uniform layout: a summary, then principal and income schedules for receipts, gains and losses, disbursements, distributions and assets on hand (with carrying and current values), compensation paid to the trustee and agents, and a cash reconciliation to each statement. For a 24-1 estate account it states receipts, disbursements and property on hand for the period since the last account.

Frequently asked questions

Do remainder beneficiaries get annual accountings in Illinois?

Under 813.1, presumptive remainder beneficiaries are entitled to them, not just current beneficiaries.

Does every estate need a court accounting?

The court can excuse it if all interested persons consent in writing.

Samples and next steps

• Guide: Principal and Income Act: Allocating Trust Receipts & ExpensesPlain-English explanation with citations.
• Free template: Trust accounting template (annual account)Blank PDF and Excel. A template, not a court form.
• PricingOne price per accounting, every export included.
• How it worksFrom statements to a reconciled accounting.
• All states and formatsCompare the 14 state formats and the uniform format.

Other states

• California
• Florida
• New York
• Pennsylvania
• Texas
• Ohio
• Georgia
• North Carolina
• Arizona
• Washington
• New Jersey
• Michigan
• Virginia
• Uniform format