Illinois § 1113 Application to express trusts

Illinois Statutes

§ 1113 — Application to express trusts

Illinois § 1113

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 760TRUSTS AND FIDUCIARIES

Act 760 ILCS 3/Illinois Trust Code.

Art.Article 11 - Total Return Trusts

This text of Illinois § 1113 (Application to express trusts) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

760 Ill. Comp. Stat. 1113 (2026).

Text

(a)In this Section:

(1)"Unitrust" means a trust the terms of which require distribution of a unitrust amount, without regard to whether the trust has been converted to a total return trust in accordance with this Article or whether the trust is established by express terms of the trust.

(2)"Unitrust amount" means an amount equal to a percentage of a trust's assets that may or must be distributed to one or more beneficiaries annually in accordance with the terms of the trust. The unitrust amount may be determined by reference to the net fair market value of the trust's assets as of a particular date or as an average determined on a multiple-year basis.

(b)A unitrust changes the definition of income by substituting the unitrust amount for net trust accounting income as the method of dete

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(a) In this Section: (1) "Unitrust" means a trust the terms of which require distribution of a unitrust amount, without regard to whether the trust has been converted to a total return trust in accordance with this Article or whether the trust is established by express terms of the trust. (2) "Unitrust amount" means an amount equal to a percentage of a trust's assets that may or must be distributed to one or more beneficiaries annually in accordance with the terms of the trust. The unitrust amount may be determined by reference to the net fair market value of the trust's assets as of a particular date or as an average determined on a multiple-year basis. (b) A unitrust changes the definition of income by substituting the unitrust amount for net trust accounting income as the method of determining current return and shall be given effect notwithstanding any contrary provision of the Principal and Income Act. By way of example and not limitation, a unitrust amount determined by a percentage of not less than 3% nor greater than 5% is conclusively presumed a reasonable current return that fairly apportions the total return of a unitrust. (c) Subsection (b) of Section 1107 applies to a unitrust except to the extent its trust instrument expressly provides otherwise. (d) This Section does not apply to a charitable remainder unitrust as defined by Section 664(d) of the Internal Revenue Code.