§ 105 — Default and mandatory rules

Illinois § 105

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 760: TRUSTS AND FIDUCIARIES
• Act 760 ILCS 3/: Illinois Trust Code.
• Art.: Article 1 - General Provisions and Definitions

Text

(a) The trust instrument may specify the rights, powers, duties, limitations, and immunities applicable to the trustee, beneficiary, and others and those terms, if not otherwise contrary to law, shall control, except to the extent specifically provided otherwise in this Section. The provisions of this Code apply to the trust to the extent that they are not inconsistent with the terms of the trust. (b) Terms of the trust prevail over any provision of Articles 1 through 10 of this Code except: (1) the requirements for creating a trust; (2) the duty of a trustee to act in good faith; (3) the requirement that a trust have a purpose that is lawful and not contrary to public policy; (4) the rules governing designated representatives as provided in Section 307; (5) the 21-year limitation contained in subsection (b) of Section 409; (6) the power of the court to modify or terminate a trust under Sections 411 through 416; (7) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5; (8) the requirement under subsection (e) of Section 602 that an agent under a power of attorney must have express authorization in the agency to exercise a settlor's powers with respect to a revocable trust; (9) the power of the court under subsection (b) of Section 708 to adjust a trustee's compensation specified in the trust instrument that is unreasonably low or high; (10) for trusts becoming irrevocable after the effective date of this Code, the trustee's duty under paragraph (b)(1) of Section 813.1 to provide information to the qualified beneficiaries; (11) for trusts becoming irrevocable after the effective date of this Code, the trustee's duty under paragraph (b)(2) of Section 813.1 to provide accountings to the current beneficiaries of the trust; (12) for trusts becoming irrevocable after the effective date of this Code, the trustee's duty under paragraph (b)(4) of Section 813.1 to provide accountings to beneficiaries receiving a distribution of the residue of the trust upon a trust's termination; (12.5) for trusts becoming irrevocable after the effective date of this Code, the right of a qualified beneficiary under paragraph (6) of subsection (b) of Section 813.1 to request the portions of the trust instrument that set forth the terms of the trust in which the qualified beneficiary has an interest as a qualified beneficiary; (13) the effect of an exculpatory term under Section 1008; (14) the rights under Sections 1010 through 1013 of a person other than a trustee or beneficiary; and (15) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of equity.

Legislative History

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