Trusts and Estates Section Newsletter
Illinois State Bar Association
The First District, in an opinion last year, effectively nullified – perhaps inadvertently – an element of the Prudent Investor Rule in Illinois. The ramifications are still being felt, but trust counsel and practitioners alike must be on notice: the duty of a trustee to remain impartial when investing marital trust assets has been eviscerated by Carter v. Carter. An investment solely in tax-free municipal bonds for an entire trust was upheld without dissent in a ruling that was not filed under Rule 23.
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