Illinois § 1311 Intent to exercise: determining intent from residuary clause

Illinois Statutes

§ 1311 — Intent to exercise: determining intent from residuary clause

Illinois·Topic RIGHTS AND REMEDIES·Ch. 760 TRUSTS AND FIDUCIARIES·Act 760 ILCS 3/ Illinois Trust Code.·Art. Article 13 - Uniform Powers of Appointment Law

(a)In this Section:

(1)"Residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause.

(2)"Will" includes a codicil and a testamentary instrument that revises another will.

(b)A residuary clause in a powerholder's will, or a comparable clause in the powerholder's revocable trust, manifests the powerholder's intent to exercise a power of appointment only if:

(1)the terms of the instrument containing the residuary clause do not manifest a contrary intent;

(2)the power is a general power exercisable in favor of the powerholder's estate;

(3)there is no gift-in-default clause or it is ineffective; and (4) the powerholder did not release the power.

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(a) In this Section: (1) "Residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause. (2) "Will" includes a codicil and a testamentary instrument that revises another will. (b) A residuary clause in a powerholder's will, or a comparable clause in the powerholder's revocable trust, manifests the powerholder's intent to exercise a power of appointment only if: (1) the terms of the instrument containing the residuary clause do not manifest a contrary intent; (2) the power is a general power exercisable in favor of the powerholder's estate; (3) there is no gift-in-default clause or it is ineffective; and (4) the powerholder did not release the power.

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