Chapter 760 — TRUSTS AND FIDUCIARIES

(760 ILCS 3/1332) Sec. 1332. Creditor claim: general power created by powerholder. (a) In this Section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent the powerholder contributed value to the…

(760 ILCS 3/1333) Sec. 1333. Creditor claim: general power not created by powerholder. (a) Except as otherwise provided in subsection (b), appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a credi…

(760 ILCS 3/1334) Sec. 1334. Power to withdraw. (a) For purposes of Sections 1333 through 1336, and except as otherwise provided in subsection (b), a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general…

(760 ILCS 3/1335) Sec. 1335. Creditor claim: nongeneral power. (a) Except as otherwise provided in subsections (b) and (c), appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate. (b) Ap…

(760 ILCS 3/1336) Sec. 1336. Application to existing relationships. (a) Except as otherwise provided in this Article, on and after the effective date of this Code: (1) this Article applies to a power of appointment created before, on, or after its effective date; (2) this Article…

(760 ILCS 3/1401) Sec. 1401. Article title. Except for Section 1407, this Article may be referred to as the Law Concerning Perpetuities. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1402) Sec. 1402. Purpose. This Article modifies the common law rule of property known as the rule against perpetuities, that, except as modified by statutes in force at the effective date of this Article and by this Article, shall remain in full force and effect. (Sou…

(760 ILCS 3/1403) Sec. 1403. Definitions and terms. As used in this Article unless the context otherwise requires: (a) Any reference in this Article to income to be "paid" or to income "payments" or to "receiving" income includes income payable or distributable to or applicable f…

(760 ILCS 3/1404) Sec. 1404. Application of rule against perpetuities. (a) The rule against perpetuities does not apply: (1) to any disposition of property or interest therein that, at the effective date of this Code, does not violate, or is exempted by statute from the operation…

(760 ILCS 3/1405) Sec. 1405. Trusts. (a) Subject to subsections (e) and (f), a trust containing any limitation that, but for this subsection, would violate the rule against perpetuities as modified by Section 1404 shall terminate at the expiration of a period of: (1) 21 years aft…

(760 ILCS 3/1406) Sec. 1406. Applicability. Sections 1401 through 1405 apply only to instruments, including instruments that exercise a power of appointment, that become effective after September 22, 1969. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1407) Sec. 1407. Vesting of any limitation of property. (a) This Section may be referred to as the Perpetuities Vesting Law. (b) The vesting of any limitation of property, whether created in the exercise of a power of appointment or in any other manner, shall not be r…

(760 ILCS 3/1501) Sec. 1501. Uniformity of application and construction. In applying and construing this Code, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact comparable provisions of the Uniform …

(760 ILCS 3/1502) Sec. 1502. Severability. If any provision of this Code or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Code which can be given effect without the invalid provision or appl…

(760 ILCS 3/1503) Sec. 1503. Rights retained by Attorney General. Nothing in this Code is intended to derogate any right the Attorney General has under the common law of this State to represent a charitable interest in trust. Nothing in this Code relieves a trustee of duties to f…

(760 ILCS 3/1504) Sec. 1504. (See Section 9999 for effective date.) (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505) Sec. 1505. The Trusts and Trustees Act is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505.1) Sec. 1505.1. The Trusts and Dissolutions of Marriage Act is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505.2) Sec. 1505.2. The Uniform Powers of Appointment Act is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505.3) Sec. 1505.3. The Statute Concerning Perpetuities is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505.4) Sec. 1505.4. The Perpetuities Vesting Act is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1505.5) Sec. 1505.5. The Trust Accumulation Act is repealed. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1506) Sec. 1506. Application to existing relationships. Except as otherwise provided in this Code, on the effective date of this Code: (1) This Code applies to all trusts created before, on, or after its effective date. (2) This Code applies to all judicial proceeding…

(760 ILCS 3/201) Sec. 201. Role of court in administration of trusts. (a) The court may adjudicate any matter arising in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law. (b) A trust is not subject to continuing…

(760 ILCS 3/202) Sec. 202. Jurisdiction over trustee and beneficiary. (a) By accepting the trusteeship of a trust having its principal place of administration in this State or by moving the principal place of administration to this State, the trustee is subject to the jurisdictio…

(760 ILCS 3/203) Sec. 203. (Reserved). (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/204) Sec. 204. Venue. (a) Except as otherwise provided in subsection (b), venue for a judicial proceeding involving a trust is in the county of this State in which the trust's principal place of administration is or will be located and, if the trust is created by will…

(760 ILCS 3/301) Sec. 301. Representation: basic effect. (a) Except as provided in Section 602 and subsection (c): (1) Notice, information, accountings, or reports given to a person who may represent and bind another person under this Article have the same effect as if given dire…

(760 ILCS 3/302) Sec. 302. Representation by holders of certain powers. (a) The holder of a testamentary or a presently exercisable power of appointment that is: (1) a general power of appointment; or (2) exercisable in favor of all persons other than the powerholder, the powerho…

(760 ILCS 3/303) Sec. 303. Representation by others. (a) If all qualified beneficiaries of a trust either have legal capacity or have representatives under this Article who have legal capacity, an action taken by all qualified beneficiaries, in each case either by the beneficiary…

(760 ILCS 3/304) Sec. 304. Representation by person having substantially identical interest. (a) To the extent there is no material conflict of interest between the representative and the represented beneficiary with respect to the particular question or dispute, a beneficiary wh…

(760 ILCS 3/305) Sec. 305. Appointment of representative. (a) If the court determines that representation of an incapacitated, unborn, or unascertainable beneficiary might otherwise be inadequate, the court may appoint a representative for any nonjudicial matter to receive any no…

(760 ILCS 3/306) Sec. 306. Representation of charity. If a trust contains a charitable interest, the Attorney General may, in accordance with this Section, represent, bind, and act on behalf of the charitable interest with respect to any particular question or dispute, including …

(760 ILCS 3/307) Sec. 307. Designated representative. (a) If specifically nominated in the trust instrument, one or more individuals with legal capacity may be designated to represent and bind an individual who is a qualified beneficiary. The trust instrument may also authorize a…

(760 ILCS 3/401) Sec. 401. Methods of creating trust. A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property th…

(760 ILCS 3/402) Sec. 402. Requirements for creation. (a) A trust is created only if: (1) the settlor or other person creating the trust has capacity to create a trust; (2) the settlor or other person creating the trust indicates an intention to create the trust; (3) the trust ha…

(760 ILCS 3/403) Sec. 403. Trusts created in other jurisdictions. A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation:…

(760 ILCS 3/404) Sec. 404. Trust purposes. A trust may be created only to the extent its purposes are lawful and not contrary to public policy. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/405) Sec. 405. Charitable purposes; enforcement. (a) A charitable trust may be created for any charitable purpose. (b) If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary and do not delegate to the trustee or others willin…

(760 ILCS 3/406) Sec. 406. Creation of trust induced by fraud, duress, or undue influence. If the creation, amendment, or restatement of a trust is procured by fraud, duress, mistake, or undue influence, the trust or any part so procured is void. The remainder of the trust not pr…

(760 ILCS 3/407) Sec. 407. Evidence of oral trust. Except as required by a statute other than this Code, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. (Source: P.A. 10…

(760 ILCS 3/408) Sec. 408. Trusts for domestic or pet animals. (a) A trust for the care of one or more designated domestic or pet animals is valid. The trust terminates when no living animal is covered by the trust. A trust instrument shall be liberally construed to bring the tra…

(760 ILCS 3/409) Sec. 409. Noncharitable trust without ascertainable beneficiary. (a) Except as otherwise provided in Section 408 or by another statute, a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a nonchari…

(760 ILCS 3/410) Sec. 410. Modification or termination of trust; proceedings for approval or disapproval. (a) In addition to the methods of termination prescribed by Sections 411 through 414, a trust terminates to the extent the trust is revoked or expires pursuant to the trust i…

(760 ILCS 3/411) Sec. 411. Modification or termination of noncharitable irrevocable trust by consent. (a) A noncharitable irrevocable trust may be terminated upon consent of all of the beneficiaries if the court concludes that continuance of the trust is not necessary to achieve …

(760 ILCS 3/412) Sec. 412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively. (a) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipa…

(760 ILCS 3/413) Sec. 413. Cy pres. (a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert…

(760 ILCS 3/414) Sec. 414. Modification or termination of uneconomic trust. (a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the costs…

(760 ILCS 3/415) Sec. 415. Reformation to correct mistakes. The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence what the settlor's intention was and that the terms of the …

(760 ILCS 3/416) Sec. 416. Modification to achieve settlor's objectives. To achieve the settlor's tax objectives or objective to qualify for government benefits, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The co…