Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 3/402

    (760 ILCS 3/402)
    Sec. 402. Requirements for creation.

(a)  A trust is created only if:

(1) the settlor or other person creating the trust

has capacity to create a trust;

(2) the settlor or other person creating the trust

indicates an intention to create the trust;

(3)  the trust has a definite beneficiary or is:

(A)  a charitable trust;

(B) a trust for the care of an animal, as

provided in Section 408; or

(C) a trust for a noncharitable purpose, as

provided in Section 409;

(4)  the trustee has duties to perform; and

(5) the same person is not the sole trustee and sole

beneficiary.

(b)  A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

(c)  A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.

(Source: P.A. 101-48, eff. 1-1-20; 102-279, eff. 1-1-22.)