The Illinois State Bar Association has published an article titled "Personal Liability of an Executor or Trustee - Time for Change" by Timothy L. Bertschy. The following is the Journal's description of the article:
Illinois' common law, which often makes estate and trust executors and trustees personally liable to third-party creditors and claimants, is outdated, the author argues. He recommends embracing the Restatement and Uniform Probate Code, which shifts liability to the estate or trust.
Posted by Wesley J. Bailey, Associate Editor, Wealth Strategies Journal.
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