IL HB0199

Amends references to "total return trust provisions" in House Bill 199 to instead reference subsection (b) of Section 5.3.

Allows charities that are specifically named as beneficiaries or have an express beneficial interest in a trust to represent themselves, rather than requiring external representation.

Removes language stating subsection (c) is declarative of existing law and relocates it to a later section of the bill.

Requires parties to proposed nonjudicial settlement agreements affecting trusts with charitable interests to notify the Attorney General's Charitable Trust Bureau at least 60 days before the agreement takes effect.

Gives the Attorney General's Charitable Trust Bureau authority to object to proposed settlement agreements in writing; objections prevent the agreement from taking effect unless parties obtain court approval.