§ 1103 — Conversion by agreement

Illinois § 1103

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 760: TRUSTS AND FIDUCIARIES
• Act 760 ILCS 3/: Illinois Trust Code.
• Art.: Article 11 - Total Return Trusts

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Conversion to a total return trust may be made by agreement between a trustee and all qualified beneficiaries. The agreement may include any actions a court could properly order under Section 1104; however, any distribution percentage determined by the agreement may not be less than 3% nor greater than 5%.

Legislative History

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