Illinois Compiled Statutes 760 Trusts and Fiduciaries: Article -

• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 1
  Title. This Act shall be known and may be cited as the Trusts and Trustees Act. (Source: P.A. 78-625.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 2
  Definitions. As used in this Act: (1) "Trust" means a trust created by will, deed, agreement, declaration or other written instrument; (2) "Trustee" means...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 3
  Applicability. (1) A person establishing a trust may specify in the instrument the rights, powers, duties, limitations and immunities applicable to the trustee, beneficiary...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4
  Powers of Trustee. The trustee has the powers specified in the Sections following this Section and preceding Section 5. (Source: P.A. 95-605, eff. 6-1-08.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.01
  To sell, contract to sell and grant options to purchase any part or all of the trust estate at public or private sale, for...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.02
  To enter into leases for any period of time, though extending beyond the termination of the trust. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.03
  To borrow money and to mortgage, pledge or otherwise encumber any part or all of the trust estate. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.04
  To grant easements, subdivide, improve, give consents and enter into contracts relating to real estate or its use and to dedicate any interest in...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.05
  To designate or appoint a trustee to act in any other jurisdiction as sole trustee or co-trustee of any part or all of the...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.06
  To enter into agreements for bank or other deposit accounts, safe deposit boxes, custodian, agency or depositary arrangements for all or any part of...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.07
  (a) To exercise all the rights and powers of an individual owner with respect to shares of stock, bonds or other securities in the...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.08
  To pay taxes and reasonable expenses incurred in administering the trust estate. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.09
  To appoint attorneys, auditors, financial advisers and other agents and to pay reasonable compensation to such appointees. If the trustee uses reasonable care, skill,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.10
  To delegate to a co-trustee for any period of time any or all of the trustee's rights, powers and duties. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.11
  To compromise, contest, prosecute or abandon claims or other charges in favor of or against the trust estate. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.12
  To execute contracts, notes, conveyances and other instruments, whether or not containing covenants and warranties binding upon and creating a charge against the trust...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.13
  Reception of additional trust property. To receive and administer additional property as part of the trust estate or as a separate trust having terms...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.14
  To invest in or hold undivided interests in property. (Source: P.A. 86-1475.)
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.15
  To deal with the executor, trustee or other representative of any other trust or estate in which a beneficiary of the trust estate has...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.16
  To make equitable division or distribution in cash or in kind, or both, and for that purpose to value any property divided or distributed...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.17
  To rely upon an affidavit, certificate, letter or other evidence reasonably believed to be genuine and on the basis of any such evidence to...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.18
  To have all of the rights, powers and duties given to or imposed upon the trustee by law and the provisions of the trust...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.19
  To purchase and keep in force insurance of an appropriate nature and form and in a reasonable amount for the protection of the trust...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.20
  To distribute income and amounts of principal in such one or more of the following ways as the trustee believes to be for the best...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.21
  To plant and harvest crops; to breed, raise, purchase and sell livestock; to lease land, equipment or livestock for cash or on shares, to...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.22
  To drill, mine and otherwise operate for the development of oil, gas and other minerals; to enter into contracts relating to the installation and...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.23
  To continue an unincorporated business and participate in its management by having the trustee or one or more agents of the trustee act as...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.24
  To continue a business in the partnership form and participate in its management by having the trustee or one or more agents of the...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.25
  Severance and consolidation. To sever any trust estate on a fractional basis into 2 or more separate trusts for any reason; to segregate by...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 4.26
  Small trust termination. To terminate the trust and distribute the trust estate, including principal and accrued and undistributed income, if the trustee determines, in the...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 5
  Investments. (a) Prudent Investor Rule. A trustee administering a trust has a duty to invest and manage the trust assets as follows: (1) The...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 5.1
  Duty not to delegate. (a) The trustee has a duty not to delegate to others the performance of any acts involving the exercise of...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 5.2
  Investments in mutual funds. A trustee, including a trustee of a common trust fund, may invest and reinvest the trust estate in interests in...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 5.3
  Total return trusts. (a) Conversion by trustee. A trustee may convert a trust to a total return trust as described in this Section if all...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 5.5
  Gift to a deceased beneficiary under an inter vivos trust. Unless the settlor expressly provides otherwise in his or her trust: (1) if a gift...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 6
  Nominee Registration. The trustee may cause stocks, bonds, and other property, real or personal, belonging to the trust to be registered and held in...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 7
  Compensation. The trustee shall be reimbursed for all proper expenses incurred in the management and protection of the trust and shall be entitled to...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 8
  Relation with Third Persons. Anyone dealing with the trustee is not obliged to inquire as to the trustee's powers or to see to the...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 9
  Custody of Assets. If a corporation is acting as co-trustee with one or more individuals, the corporate trustee shall have custody of the trust...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 10
  Majority of Trustees to Act. If there are 3 or more trustees of a trust, a majority of the trustees are competent to act...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 11
  Accounts. (a) Every trustee at least annually shall furnish to the beneficiaries then entitled to receive or receiving the income from the trust estate,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 12
  Resignation. A trustee may resign at any time by written notice of the resignation to the settlor, if living, to a co-trustee, if any,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 13
  Vacancy - Successor Trustee. In the event of the death, resignation, refusal or inability to act of any trustee: (1) the remaining trustee, if...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 14
  Powers and Duties of Successor - Liability for Acts of Predecessor - Approval of Accounts. (1) A successor trustee shall have all the rights,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 15
  Minor or disabled person-Authority of Representative. The representative of the estate of a beneficiary under legal disability or a spouse, parent, adult child, or...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 15.1
  Trust for disabled beneficiary. A discretionary trust for the benefit of an individual who has a disability that substantially impairs the individual's ability to...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 15.2
  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...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 16.1
  Virtual representation. (a) Representation by a beneficiary with a substantially similar interest, by the primary beneficiaries and by others. (1) To the extent there is...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 16.2
  Lapse of power to withdraw. A beneficiary of a trust may not be considered to be a settlor or to have made a transfer to...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 16.3
  Directed trusts. (a) Definitions. In this Section: (1) "Directing party" means any investment trust advisor, distribution trust advisor, or trust protector as provided in this...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 16.4
  Distribution of trust principal in further trust. (a) Definitions. In this Section: "Absolute discretion" means the right to distribute principal that is not limited or...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 16.7
  Application. Section 16.3 applies to all trusts in existence on the effective date of this amendatory Act of the 97th General Assembly or created after...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 17
  Proceeds of Eminent Domain or Partition. If a trustee is appointed by a court of this State to receive money under eminent domain or...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 17.1
  Where lands or any estate therein are subject to any legal or equitable future interest of any kind or to any power of appointment,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 18
  Liberal Construction - Partial Invalidity. This Act shall be liberally construed and the rule that statutes in derogation of the common law shall be...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 19
  Saving Clause. The provisions for repeal contained in this Act do not in any way: (1) apply to any trust created by will, deed,...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 20
  Repeal. The following Acts are repealed: (1) "An Act concerning compensation of trustees", approved June 17, 1891, as amended. (2) "An Act concerning powers...
• Illinois Trusts and Trustees Act. - 760 ILCS 5, Section 21
  Reliance on Commissioner of Banks and Real Estate. No trustee or other person shall be liable under this Act for any act done or...

Last modified: February 18, 2015