IL HB4436

Creates a new "virtuous trust" structure under the Illinois Trust Code that allows trusts to be established for business or noncharitable purposes without requiring a definite or ascertainable beneficiary

Exempts virtuous trusts from the common law rule against perpetuities, allowing them to exist indefinitely

Requires virtuous trusts to have a trust purpose committee with at least 3 members and one or more trust enforcers appointed in the trust instrument to oversee enforcement

Permits virtuous trusts to hold ownership interests in corporations, partnerships, LLCs, cooperatives, and joint ventures, with trustees protected from duty violations when managing assets according to trust terms

Allows modification or termination of a virtuous trust only by unanimous agreement of the trust purpose committee and trust enforcers, and prohibits trustees from serving as enforcers or committee members