Chapter 760, TRUSTS AND FIDUCIARIES

(760 ILCS 3/1301) Sec. 1301. Article title. This Article may be referred to as the Uniform Powers of Appointment Law. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1302) Sec. 1302. Definitions. In this Article: (1) "Appointee" means a person to which a powerholder makes an appointment of appointive property. (2) (Blank). (3) "Blanket-exercise clause" means a clause in an instrument that exercises a power of appointment and is no…

(760 ILCS 3/1303) Sec. 1303. Governing law. Unless the terms of the instrument creating a power of appointment manifest a contrary intent: (1) the creation, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and (2) the exer…

(760 ILCS 3/1304) Sec. 1304. Creation of power of appointment. (a) A power of appointment is created only if: (1) the instrument creating the power: (A) is valid under applicable law; and (B) except as otherwise provided in subsection (b), transfers the appointive property; and (…

(760 ILCS 3/1305) Sec. 1305. Nontransferability. A powerholder may not transfer a power of appointment. If the powerholder dies without exercising or releasing the power, the power lapses. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1306) Sec. 1306. Presumption of unlimited authority. Subject to Section 1308, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: (1) presently exercisable; (2) exclusionary; and (3) except as otherwise prov…

(760 ILCS 3/1307) Sec. 1307. Exception to presumption of unlimited authority. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: (1) the power is exercisable only at the powerholder's death; and (2) the permi…

(760 ILCS 3/1308) Sec. 1308. Rules of classification. (a) In this Section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the power…

(760 ILCS 3/1309) Sec. 1309. Power to revoke or amend. A donor may revoke or amend a power of appointment only to the extent that: (1) the instrument creating the power is revocable by the donor; or (2) the donor reserves a power of revocation or amendment in the instrument creat…

(760 ILCS 3/1310) Sec. 1310. Requisites for exercise of power of appointment. A power of appointment is exercised only: (1) if the instrument exercising the power is valid under applicable law; (2) if the terms of the instrument exercising the power: (A) manifest the powerholder'…

(760 ILCS 3/1311) Sec. 1311. Intent to exercise: determining intent from residuary clause. (a) In this Section: (1) "Residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. (2) "Will" includes a codicil and a testa…

(760 ILCS 3/1312) Sec. 1312. Intent to exercise: after-acquired power. Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: (1) except as otherwise provided in paragraph (2), a blanket-exercise clause extends to a power acquired by the …

(760 ILCS 3/1313) Sec. 1313. Substantial compliance with donor-imposed formal requirement. A powerholder's substantial compliance with a formal requirement of an appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make…

(760 ILCS 3/1314) Sec. 1314. Permissible appointment. (a) A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, th…

(760 ILCS 3/1315) Sec. 1315. Appointment to deceased appointee. Subject to Section 4-11 of the Probate Act of 1975, an appointment to a deceased appointee is ineffective. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1316) Sec. 1316. Impermissible appointment. (a) Except as otherwise provided in Section 1315, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. (b) An exercise of a power of appointment in favor of a permissible appointee is …

(760 ILCS 3/1317) Sec. 1317. Selective allocation doctrine. If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best…

(760 ILCS 3/1318) Sec. 1318. Capture doctrine: disposition of ineffectively appointed property under general power. To the extent a powerholder of a general power of appointment, other than a power to revoke, amend, or withdraw property from a trust, makes an ineffective appointm…

(760 ILCS 3/1319) Sec. 1319. Disposition of unappointed property under released or unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to revoke, amend, or withdraw property from a trust: (1) the g…

(760 ILCS 3/1320) Sec. 1320. Disposition of unappointed property under released or unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises, or fails to exercise a nongeneral power of appointment: (1) the gift-in-default clause controls the disp…

(760 ILCS 3/1321) Sec. 1321. Disposition of unappointed property if partial appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a take…

(760 ILCS 3/1322) Sec. 1322. Appointment to taker in default. If a powerholder of a general power makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the powe…

(760 ILCS 3/1323) Sec. 1323. Powerholder's authority to revoke or amend exercise. A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: (1) the powerholder reserves a power of revocation or amendment in the instrument exercising the powe…

(760 ILCS 3/1324) Sec. 1324. Disposition of trust property subject to power. In disposing of trust property subject to a power of appointment, whether exercisable by a will or an instrument other than a will, a trustee acting in good faith shall have no liability to any appointee…

(760 ILCS 3/1325) Sec. 1325. Disclaimer. As provided by Section 2-7 of the Probate Act of 1975: (1) A powerholder may disclaim all or part of a power of appointment. (2) A permissible appointee, appointee, or taker in default of appointment may disclaim all or part of an interest…

(760 ILCS 3/1326) Sec. 1326. Authority to release. A powerholder may release a power of appointment, in whole or in part, except to the extent the terms of the instrument creating the power prevent the release. (Source: P.A. 101-48, eff. 1-1-20.)

(760 ILCS 3/1327) Sec. 1327. Method of release. A powerholder of a releasable power of appointment may release the power in whole or in part: (1) by substantial compliance with a method provided in the terms of the instrument creating the power; or (2) if the terms of the instrum…

(760 ILCS 3/1328) Sec. 1328. Revocation or amendment of release. A powerholder may revoke or amend a release of a power of appointment only to the extent that: (1) the instrument of release is revocable by the powerholder; or (2) the powerholder reserves a power of revocation or …

(760 ILCS 3/1329) Sec. 1329. Power to contract: presently exercisable power of appointment. A powerholder of a presently exercisable power of appointment may contract: (1) not to exercise the power; or (2) to exercise the power if the contract when made does not confer a benefit …

(760 ILCS 3/1330) Sec. 1330. Power to contract: power of appointment not presently exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: (1) is also the donor of the po…

(760 ILCS 3/1331) Sec. 1331. Remedy for breach of contract to appoint or not to appoint. The remedy for a powerholder's breach of a contract to appoint or not to appoint is limited to damages payable out of the appointive property or, if appropriate, specific performance of the c…

(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.)