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Article 1 - General Provisions and Definitions. Article 2 - Judicial Proceedings. Article 3 - Representation. Article 4 - Creation, Validity, Modification, and Termination of Trust. Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts. Article 6 - Revocable Trusts. Article 7 - Office of Trustee.
Definitions. In this Code: (1) "Action", with respect to an act of a trustee, includes a failure to act. (1.5) "Appointive property" means the property or property interest subject to a power of appointment.
Article 1 - General Provisions and Definitions. Article 2 - Judicial Proceedings. Article 3 - Representation. Article 4 - Creation, Validity, Modification, and Termination of Trust. Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts. Article 6 - Revocable Trusts. Article 7 - Office of Trustee.
the Illinois Trust Code (ITC). The ITC, essentially a new set of laws applicable to various trusts in Illinois, is effective Janu-ary 1, 2020. Its precursor was the Illinois Trusts and Trustees Act. The ITC was developed primarily to reflect the Uniform Trust Code (UTC) in its terminology, structure and number-ing system.
1 cze 2008 · (1) A person establishing a trust may specify in the instrument the rights, powers, duties, limitations and immunities applicable to the trustee, beneficiary and others and those provisions where not otherwise contrary to law shall control, notwithstanding this Act.
For trustees and beneficiaries, the new provisions of the ITC provide some flexibility to address irrevocable trusts whose circumstances have changed significantly.
1 sty 2020 · Article 4 - [Effective 1/1/2020] Creation, Validity, Modification, and Termination of Trust (§§ 3/401 — 3/417) Article 5 - [Effective 1/1/2020] Creditor's Claims; Spendthrift and Discretionary Trusts (§§ 3/501 — 3/509)
