Illinois § 1202 Definitions

Illinois Statutes

§ 1202 — Definitions

Illinois § 1202

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 760TRUSTS AND FIDUCIARIES

Act 760 ILCS 3/Illinois Trust Code.

Art.Article 12 - Trust Decanting

This text of Illinois § 1202 (Definitions) 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. 1202 (2026).

Text

In this Article:

(1)(Blank).

(2)"Authorized fiduciary" means:

(A)a trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries;

(B)a special fiduciary appointed under Section 1209; or (C) a special-needs fiduciary under Section 1213.

(3)"Court" means the court in this State having jurisdiction in matters relating to trusts.

(4)"Decanting power" or "the decanting power" means the power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust.

(5)"Expanded distributive discretion" means a discretionary power of distribution that is not limited to

Free access — add to your briefcase to read the full text and ask questions with AI

In this Article: (1) (Blank). (2) "Authorized fiduciary" means: (A) a trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one or more current beneficiaries; (B) a special fiduciary appointed under Section 1209; or (C) a special-needs fiduciary under Section 1213. (3) "Court" means the court in this State having jurisdiction in matters relating to trusts. (4) "Decanting power" or "the decanting power" means the power of an authorized fiduciary under this Article to distribute property of a first trust to one or more second trusts or to modify the terms of the first trust. (5) "Expanded distributive discretion" means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard. (6) "First trust" means a trust over which an authorized fiduciary may exercise the decanting power. (7) "First-trust instrument" means the trust instrument for a first trust. (8) "Reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Section 674(b)(5)(A) of the Internal Revenue Code, as amended, and any applicable regulations. (9) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. (10) "Second trust" means: (A) a first trust after modification under this Article; or (B) a trust to which a distribution of property from a first trust is or may be made under this Article. (11) "Second-trust instrument" means the trust instrument for a second trust.