IL HB5023

Adds Section 822 to the Illinois Trust Code establishing a formal procedure for trustees to obtain settlement of their accounts when a trust terminates, a trustee resigns or is removed, or when seeking discharge of interim accounting periods

Requires trustees using this procedure to provide qualified beneficiaries with detailed documentation including a 5-year trust accounting, market value statements of assets, estimates of anticipated receipts and disbursements, and remaining fees to be paid

Establishes a 60-day objection period during which beneficiaries must submit written objections to disclosed acts or omissions; failure to object within this timeframe constitutes approval of the trustee's accounting

Allows objections to be resolved either through court proceedings (with expenses charged to the trust) or through nonjudicial settlement agreements, which may include releases or indemnity clauses

Bars beneficiaries who received notice and failed to object from bringing future claims against the trustee, with the same preclusive effect as a court-approved final account