reglab/housing_qa huggingface dataset:
760 ILCS 3/508
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts

Sec. 508. 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 the trust merely because of a lapse, release, or waiver of his or her power of withdrawal to the extent that the value of the affected property does not exceed the greatest of the amounts specified in Sections 2041(b)(2), 2514(e), and 2503(b) of the Internal Revenue Code.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/509
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts

(760 ILCS 3/509)Sec. 509. Trust for beneficiary with a disability.(a)  As used in this Section:(1) "Discretionary trust" means a trust in which the     trustee has discretionary power to determine distributions to be made under the trust.(2) "Resources" includes, but is not limited to, any     interest in real or personal property, judgment, settlement, annuity, maintenance, support for minor children, and support for non-minor children.(b)  A discretionary trust for the benefit of an individual who has a disability that substantially impairs the individual's ability to provide for his or her own care or custody and constitutes a substantial disability, is not liable to pay or reimburse this State or any public agency for financial aid or services to the individual except to the extent the trust was created by the individual or trust property has been distributed directly to or is otherwise under the control of the individual, except that this exception does not apply to a trust created with the property of the  individual with a disability or property within his or her control if the trust complies with Medicaid reimbursement requirements of federal law. Notwithstanding any other provisions to the contrary, a trust created with the property of the individual with a disability or property within his or her control is liable, after the reimbursement of Medicaid expenditures, to this State for reimbursement of any other service charges outstanding at the death of the individual with a disability. Property, goods, and services purchased or owned by a trust for and used or consumed by a beneficiary  with a disability shall not be considered trust property distributed to or under the control of the beneficiary.(c) Except as otherwise prohibited by law, the court or a person with a disability may irrevocably assign resources of that person to either or both of: (i) an ABLE account, as defined under Section 16.6 of the State Treasurer Act; or (ii) a discretionary trust that complies with the Medicaid reimbursement requirements of federal law. A court may reserve the right to determine the amount, duration, or enforcement of the irrevocable assignment.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/Art. 6 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

   Article 6.  Revocable Trusts.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/601
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

Sec. 601. Capacity of settlor of revocable trust. The capacity required of the settlor to create, amend, revoke in whole or in part, or add property to a revocable trust is the same as that required to make a will.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/602
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

Sec. 602. Revocation or amendment of revocable trust.(a)  The settlor may revoke a trust only if the trust instrument expressly provides that the trust is revocable or that the settlor has an unrestricted power of amendment.  The settlor may amend a trust only if the trust expressly provides that the trust is revocable or amendable by the settlor.(b)  If a revocable trust has more than one settlor:(1)  to the extent the trust consists of community     property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;(2)  to the extent the trust consists of property     other than community property, each settlor may revoke or amend the trust only with regard to the portion of the trust property attributable to that settlor's contribution; and(3)  upon the revocation or amendment of the trust by     fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.(c)  The settlor may revoke or amend a revocable trust instrument:(1)  by substantially complying with a method     provided in the trust instrument; or(2)  if the trust instrument does not provide a     method or the method provided in the terms is not expressly made exclusive, by a later instrument in writing other than a will, signed by the settlor and specifically referring to the trust.(d)  Upon revocation of a revocable trust, the trustee shall deliver the trust property to the settlor or as the settlor directs.(e)  A settlor's powers with respect to revocation, amendment, or distribution of trust property may not be exercised by an agent under a power of attorney unless expressly authorized by the power and not prohibited by the trust instrument.(f)  A guardian of the estate of the settlor, if any, or a guardian of the person of the settlor may not exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property unless ordered by the court supervising the guardianship.(g)  A trustee who does not know that a trust has been revoked or amended is not liable for distributions made and other actions taken or not taken on the assumption that the trust had not been amended or revoked.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/603
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

Sec. 603. Settlor's powers; powers of withdrawal.(a)  To the extent a trust is revocable by a settlor, and the settlor personally has capacity to revoke the trust, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, and the settlor and such other person personally have the capacity to revoke the trust, the trustee may follow a direction from the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.(b) To the extent a trust is revocable by a settlor, and the settlor personally has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.(c)  While a trust is revocable by a settlor but the settlor does not personally have the capacity to revoke the trust, the duties of the trustee are owed only to the settlor and current beneficiaries.  If the settlor is a beneficiary, the settlor's interests as a beneficiary take priority over the interests of all other beneficiaries.(d)  Except as provided in subsection (e), only the settlor, a representative of the settlor under Article 3 during the settlor's lifetime if the settlor is incapacitated, and the representative of the settlor's estate after the settlor's death have standing to contest, challenge, or bring any proceeding in any court regarding any action of the trustee of a revocable trust taken or not taken while the trust is revocable.(e)  An individual who is or was a current beneficiary during the settlor's lifetime, a representative of such an individual under Article 3 or the representative of such individual's estate after the individual's death, has standing to contest, challenge, or bring any proceeding in any court regarding any action of the trustee of a revocable trust while the trust is revocable but  the settlor does not personally have capacity to revoke the trust, but only to the extent the action of the trustee affects the interest of the individual as a current beneficiary of the trust during the lifetime of the settlor while the settlor does not personally have the capacity to revoke the trust.(f)  The holder of a non-lapsing power of withdrawal, during the period the power may be exercised, has the rights of a settlor of a revocable trust to the extent of the property subject to the power.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/604
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

Sec. 604. Limitation on action contesting validity of revocable trust; distribution of trust property.(a)  A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death only within the earlier of:(1)  2 years after the settlor's death; or(2)(A) in the case of a trust to which a legacy is     provided by the settlor's will that is admitted to probate, the time to contest the validity of the settlor's will as provided in the Probate Act of 1975; or(B) in the case of a trust other than a trust     described in subdivision (A), 6 months after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the 6-month period allowed for commencing a proceeding.(b)  Nine months after the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the trust instrument. The trustee is not subject to liability for doing so unless:(1)  the trustee knows of a pending judicial     proceeding contesting the validity of the trust; or(2)  a potential contestant has notified the trustee     of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within 60 days after the contestant sent the notification.(c)  A beneficiary of a trust that was revocable at the settlor's death that is determined to have been invalid is liable to return any distribution received and all income and appreciation associated with the distribution from the date of receipt until the date of return of the distribution.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/605
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 6 - Revocable Trusts

(760 ILCS 3/605)Sec. 605. Revocation of provisions in revocable trust by divorce or annulment.(a)  As used in this Section:(1)  "Judicial termination of marriage" includes, but     is not limited to, divorce, dissolution, annulment or declaration of invalidity of marriage.(2)  "Provision pertaining to the settlor's former     spouse" includes, but is not limited to, every present or future gift or interest or power of appointment given to the settlor's former spouse or right of the settlor's former spouse to serve in a fiduciary capacity.(3)  "Trust" means a trust created by a     nontestamentary instrument executed after January 1, 1982.(4)  Notwithstanding the definition of "revocable" in     Section 103, a provision is revocable by the settlor if the settlor has the power at the time of the entry of the judgment of judicial termination of marriage of the settlor to revoke, modify, or amend the provision, either alone or in conjunction with any other person or persons.(b)  Unless the trust instrument or the judgment of judicial termination of marriage expressly provides otherwise, judicial termination of marriage of the settlor of a trust revokes every provision that is revocable by the settlor pertaining to the settlor's former spouse in a trust instrument or amendment executed by the settlor before the entry of the judgment of judicial termination of marriage of the settlor and any such trust shall be administered and construed as if the settlor's former spouse had died upon entry of the judgment of judicial termination of marriage.(c)  A trustee who has no actual knowledge of a judgment of judicial termination of marriage of the settlor is not liable for any action taken or omitted in good faith on the assumption that the settlor is married.  The preceding sentence is intended to affect only the liability of the trustee and shall not affect the disposition of beneficial interests in any trust.(d)  Notwithstanding Section 102, this Section  may be made applicable by specific reference in the trust instrument to this Section in any (1) land trust; (2) voting trust; (3) security instrument such as a trust deed or mortgage; (4) liquidation trust; (5) escrow; (6) instrument under which a nominee, custodian for property or paying or receiving agent is appointed; or (7) trust created by a deposit arrangement in a bank or savings institution, commonly known as "Totten Trust".(e)  If provisions of a trust are revoked solely by this Section, they are revived by the settlor's remarriage to the former spouse.      (Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)
760 ILCS 3/Art. 7 heading
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

   Article 7.  Office of Trustee.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/701
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 701. Accepting or declining trusteeship.(a)  Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:(1)  by substantially complying with a method of     acceptance provided in the trust instrument; or(2)  if the trust instrument does not provide a     method or the method provided in the trust instrument is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.(b)  A person designated as trustee who has not yet accepted the trusteeship may decline the trusteeship. A designated trustee who does not accept the trusteeship within 120 days after receiving notice of the designation is deemed to have declined the trusteeship.(c)  A person designated as trustee, without accepting the trusteeship, may, but need not:(1)  act to preserve the trust property if, within     120 days after receiving notice of the designation, the person sends a declination of the trusteeship to the settlor or, if the settlor is deceased or incapacitated, to the qualified beneficiaries; and(2)  inspect or investigate trust property to     determine potential liability under environmental or other law or for any other purpose.(d)  A person acting under subsection (c) is not liable for actions taken in good faith.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/702
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 702. Trustee's bond.(a) A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.(b) The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.(c) A corporate fiduciary, as defined in Section 1-5.505 of the Corporate Fiduciary Act, qualified to do trust business in this State need not give bond, even if required by the terms of the trust.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/703
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 703. Co-trustees.(a)  Co-trustees who are unable to reach a unanimous decision may act by majority decision after prior written notice to, or written waiver of notice by, each other co-trustee.(b)  If a vacancy occurs in a co-trusteeship, subsection (b) of Section 704 applies.(c)  A co-trustee must participate in the performance of a trustee's function unless the co-trustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the co-trustee has properly delegated the performance of the function to another trustee.(d)  If a co-trustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust.(e)  A trustee may delegate to a co-trustee for any period of time any or all of the trustee's rights, powers, and duties. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.(f)  Except as otherwise provided in subsection (g), a trustee who is not qualified to participate in an action or who does not join in an action of another trustee is not liable for the action.(g)  Each trustee who is not an excluded fiduciary under Section 808 shall exercise reasonable care to:(1)  prevent a co-trustee from committing a serious     breach of trust; and(2)  compel a co-trustee to redress a serious breach     of trust.(h)  A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any co-trustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/704
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 704. Vacancy in trusteeship; appointment of successor.(a)  A vacancy in a trusteeship occurs if:(1)  a person designated as trustee declines the     trusteeship;(2)  a person designated as trustee cannot be     identified or does not exist;(3)  a trustee resigns;(4)  a trustee is disqualified or removed;(5)  a trustee dies;(6)  a guardian is appointed for an individual     serving as trustee; or(7)  an individual serving as trustee becomes     incapacitated.(b)  If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled and the remaining co-trustees or trustee may act for the trust. A vacancy in a trusteeship must be filled if the trust has no remaining trustee, or if the existing vacancy impairs the administration of the trust as determined by the remaining trustees.(c)  A vacancy in a trusteeship of a trust that is required to be filled must be filled in the following order of priority:(1)  by a person designated in accordance with the     trust instrument to act as successor trustee;(2)  by a person appointed by a majority of the     beneficiaries who are distributees or permissible distributees of trust income; or(3)  by a person appointed by the court.(d)  If a trust contains a charitable interest, then the appointment of a successor trustee provided under paragraph (2) of subsection (c) shall not take effect until 30 days after written notice is delivered to the Attorney General's Charitable Trust Bureau.  The Attorney General may waive this notice requirement.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/705
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 705. Resignation of trustee.(a)  A trustee may resign:(1)  upon notice to the settlor, if living, to the     beneficiaries who are distributees or permissible distributees of trust income, and all co-trustees; or(2)  with the approval of the court.(b)  In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.(c)  Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/706
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 706. Removal of trustee.(a)  A settlor, a co-trustee, or a qualified beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.(b)  The court may remove a trustee if:(1)  the trustee has committed a serious breach of     trust;(2)  lack of cooperation among co-trustees     substantially impairs the administration of the trust;(3)  because of unfitness, unwillingness, or     persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the purposes of the trust and the interests of the beneficiaries; or(4)  there has been a substantial change of     circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with any material purpose of the trust, and a suitable co-trustee or successor trustee is available.(c)  Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under subsection (b) of Section 1001 as may be necessary to protect the trust property or the interests of the beneficiaries.   (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/707
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 707. Delivery of property by former trustee.(a)  Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.(b)  A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee, or other person entitled to it.    (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/708
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

Sec. 708. Compensation of trustee.(a)  If the trust instrument does not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.(b)  If the trust instrument specifies the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:(1)  the duties of the trustee are substantially     different from those contemplated when the trust was created; or(2)  the compensation specified by the trust     instrument would be unreasonably low or high.  (Source: P.A. 101-48, eff. 1-1-20.)
760 ILCS 3/709
2021 Illinois Compiled Statutes|Chapter 760 - TRUSTS AND FIDUCIARIES|760 ILCS 3/ - Illinois Trust Code.|Article 7 - Office of Trustee

(760 ILCS 3/709)Sec. 709. Reimbursement of expenses.(a)  A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:(1)  expenses that were properly incurred in the     administration and protection of the trust; and(2)  to the extent necessary to prevent unjust     enrichment of the trust, expenses that were not properly incurred in the administration of the trust.(b)  An advance by the trustee of money for the protection of the trust gives rise to a right to reimbursement with reasonable interest.    (Source: P.A. 101-48, eff. 1-1-20.)