§ 602 — Revocation or amendment of revocable trust

Illinois § 602

• Jurisdiction: Illinois
• Topic: RIGHTS AND REMEDIES
• Ch. 760: TRUSTS AND FIDUCIARIES
• Act 760 ILCS 3/: Illinois Trust Code.
• Art.: Article 6 - Revocable Trusts

Text

(a) The settlor may revoke a trust only if the trust instrument expressly provides that the trust is revocable or that the settlor has an unrestricted power of amendment. The settlor may amend a trust only if the trust expressly provides that the trust is revocable or amendable by the settlor. (b) If a revocable trust has more than one settlor: (1) to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses; (2) to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust only with regard to the portion of the trust property attributable to that settlor's contribution; and (3) upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment. (c) The settlor may revoke or amend a revocable trust instrument: (1) by substantially complying with a method provided in the trust instrument; or (2) if the trust instrument does not provide a method or the method provided in the terms is not expressly made exclusive, by a later instrument in writing other than a will, signed by the settlor and specifically referring to the trust. (d) Upon revocation of a revocable trust, the trustee shall deliver the trust property to the settlor or as the settlor directs. (e) A settlor's powers with respect to revocation, amendment, or distribution of trust property may not be exercised by an agent under a power of attorney unless expressly authorized by the power and not prohibited by the trust instrument. (f) A guardian of the estate of the settlor, if any, or a guardian of the person of the settlor may not exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property unless ordered by the court supervising the guardianship. (g) A trustee who does not know that a trust has been revoked or amended is not liable for distributions made and other actions taken or not taken on the assumption that the trust had not been amended or revoked.

Legislative History

(Source: P.A. 101-48, eff. 1-1-20 .)