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(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.
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(2) "Provision pertaining to the settlor's former
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| 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.
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(3) "Trust" means a trust created by a
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| nontestamentary instrument executed after January 1, 1982.
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(4) Notwithstanding the definition of "revocable" in
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| 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.
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(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.)
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