Illinois § 401 Methods of creating trust

Illinois Statutes

§ 401 — Methods of creating trust

Illinois·Topic RIGHTS AND REMEDIES·Ch. 760 TRUSTS AND FIDUCIARIES·Act 760 ILCS 3/ Illinois Trust Code.·Art. Article 4 - Creation, Validity, Modification, and Termination of Trust

A trust may be created by:

(1)transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;

(2)declaration by the owner of property that the owner holds identifiable property as trustee;

(3)exercise of a power of appointment in favor of a trustee;

(4)order of a court; or (5) exercise by an authorized fiduciary of the powers granted in Article 12.

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A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; (3) exercise of a power of appointment in favor of a trustee; (4) order of a court; or (5) exercise by an authorized fiduciary of the powers granted in Article 12.

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